Bitcoin- If it doesn’t hold on here, bulls get hurt

Below looks at Bitcoin from two different time frames. The chart on the left looks at Bitcoin on a weekly basis over the past few years and the chart on the right looks at it on a Daily basis over the past 5-months.

The left chart highlights that Bitcoin has spent the majority of the past 5-years inside of rising channel (1). Bitcoin hit the top of this channel last month, where selling pressure has started taking place.

CLICK ON CHART TO ENLARGE

Once Bitcoin hit the top of the channel last month, it could be forming new falling channel (2), where lower highs and lower lows are taking place.

The bottom of falling channel (2) looks to have started on a bullish reversal pattern at (3), which took place at the 11,200 level. Last week this level was tested, where bullish reversals took place.

Key support is being tested again today at (4), where Bitcoin bulls have their fingers crossed that support holds. If support does not hold at (4), Bitcoin could end up testing the bottom of falling channel (2) again.

 

 

 

Chart pattern analysis with brief commentary:   

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Comments

Yellow_Snow Tue, 01/23/2018 - 09:14 Permalink

The top of the Channel was a 3 wave...  We are in a 4 wave now...

The question is: 

Are we going to start a wave 5, or is this all still a larger Wave 3  ???

JibjeResearch 1.21 jigawatts Tue, 01/23/2018 - 10:55 Permalink

Our founders wanted Gold as the medium of exchange because they thought that gold has the best chance of not being centralized.  Can't blame them for trying.

 

We can make it right.  Cryptos are decentralized.  BitFlyer, a Japanese exchange, is now playing in the EU.  This is the beginning of a global decentralized exchange.  More exchange will follow BitFlyer to compete for funds.  This is a great development for us cryptosians.

 

Smile and enjoy life, we are only 10 years into this revolution.

These are the coins to have in your portfolio:

BTC,BCH,BTG,LTC,ETH ..

 

 

In reply to by 1.21 jigawatts

ZH Snob Yellow_Snow Tue, 01/23/2018 - 11:24 Permalink

By the end of Feb. everyone will have forgotten about this month.  The large cap cryptos will all be in another big ride up.

If the investors on this site really wanted to make money instead of feeling good about their staunch cryptos-are-not-real meme, they would be buying LTC hand over fist right now.  even if they didn't want to hold it long they could easily triple their money in a couple of months.

In reply to by Yellow_Snow

ultraticum Tue, 01/23/2018 - 09:14 Permalink

And what is Bitcoin's fundamental utility, how does it work, why is it going to launch a bigger technological revolution than the internet? 

 

The price chartists have absolutely zero clue.  Sometimes I wish it never had the big price move in 2017.

BallAndChained Tue, 01/23/2018 - 09:15 Permalink

LBMA looking at Blockchain Gold.

http://www.kitco.com/news/2018-01-23/LBMA-Looking-Into-Blockchain-To-Bo…

The market has been trying to decide which crypto Blockchain wins. Why not Blockchain gold? Gold has a much bigger network effect, widely held, while the cryptos have only a concentrated few 100 people at the top of the Pyramid who got the vast majority of imaginary coins for free.

Blockchain gold or Blockchain NOTHINGNESS.

The real McCoy can destroy the unlimited chains of NOTHINGNESS scam.

Son of Captain Nemo Tue, 01/23/2018 - 09:43 Permalink

Picture of the kid with a "crash helmet" riding a sheep should be an NYSE/NASDAQ/S&P "tick" riding a Bitcoin "tick"!...

Needless to say...

They are both parasites that will wind up killing each other -one way or the other!

Common_Cents22 Tue, 01/23/2018 - 11:14 Permalink

how can you even reliably attempt to read a chart on such a new market with really limited float?  It's open to be swayed by outside factors that could really fluctuate.