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4hrchart

Possible Cup & Handle or Double Top now forming?We can see here on the 4hr chart how the recent bullish breakout has reached the exact same height we reached on January 19th of 9190 before retracing opening up the possibilities here for both a cup and handle(bullish) or a double top(bearish. Currently I think the cup and handle has a higher probability of occurring. I anticipate that we will probably retrace to around 8.5k to fill the cme future gap before rebounding here. We could go lower but I'm not worried about a double top unless we find a way to break below the descending pink trendline. I am anticipating that the 1 day 200ma will not hold support but if it does there's still a chance we could continue upward although currently not very probable until a correction occurs. Let's remember last time we closed above the 1 day 200 we almost closed 14 1day candles above it and still managed to break below it...so unless I see a ton of bullish volume and a huge spike in price action to go with it, I wont be convinced the 1 day 200ma is going to hold support until we've closed 2 consecutive weekly candles above it.
BITSTAMP:BTCUSD
by DrDovetail
Ugly 4hr h&s pattern on btc has a target below 7.7kthis pattern has not yet been validated quite yet but should confirm either the breakdown or the fakeout within the next 2-3 4hr candles max. Probability is currently favoring the breakdown and if that occurs the target will be 7.6-7.7k. A break downward here could also flip the momentum and lead to further downside from there with 7427 as the next potential support. We have lost our other 2 big supports of the 3day 50ma and the 8504 horizontal but still have a chance to reclaim them if this h&s ends up being a fakeout instead. If we do indeed confirm the 3day 50ma as solidified resistance it will not be a good thing and could lead to a 3 day deathcross which when that happened last time took us from 6k to 3k pretty quickly..Lets hope we can reclaim the 3 day 50ma as support to prevent any sort of 3 day deathcross.
BITSTAMP:BTCUSD
by DrDovetail
2
Interesting Bitcoin Pattern on the 4hWelcome back traders! Bitcoin just closed its fourth green candle in a row on the 4h, which makes one wonder how often that happens. Although four candles in a row is rather common with Bitcoin, it turns out that five has been considerably rarer over the last 6 months. It appears that we have been seeing a series of 1-4 sets of 5+ sequential green candles within an approximate 7 day time frame every 1.5-2 months. We have seen these profits extend as long as 10 candles in a row. Here is where we are at currently, along with the statistics from these previous profits. It is noteworthy that I measured on the open/closes, and that these figures are in USD. For instances where we saw a sequence of green candles greater than five in a row, the end of said sequence has been measured out for you as well, separated by a semicolon. TOW: +$228.92 +3.11% over about 17h 10/25: +$1,212.85+16.23% over 20h; +$2,188.13+29.47% over 28h 09/07: +$194.39 +1.89% over 20h 09/06: +$350.60 +3.33% over 20h 09/02: +$194.89 +2.03% over 20h; +841.59 +8.79% over 40h 07/02: +$1,478.23 +15.03% over 20h 06/26: +$1,284.12 +11.32% over 20h; +2,522.91 +22.25% over 28h After seeing figures like these, one cannot help but wonder if this pattern will continue. Will we see another sequential set of 5 green candles? Will the current set extend further? Will Bitcoin break the pattern all together? We will see. Disclaimer: This is NOT trading advice! These are merely my opinions that I have posted for educational purposes ONLY. Trading comes with great risk, which should be managed carefully. You should never trade anything more than you are willing to lose. I hope you all kill it, but I am not responsible for any financial loss or damages. Thanks for reading!
COINBASE:BTCUSDLong
by CryptoRichCrypto
1
4hr Inverse Head & Shoulders breakout appears to be validating.If this inverse head and shoulders breakout is confirmed om the 4hr chart that breakout target should help price action to rise back above the yellow falling wedge that we are currently testing the bottom trendline of as support. If we can maintain support on the yellow falling wedge's bottom trendline then we should very likely trigger the inv h&s breakout which should in turn help us then break upward out of the wedge. Happy Thanksgiving!
BITFINEX:BTCUSD
by DrDovetail
2
xlmusd attempting to breakout of a 4hr inv h&sThis could easily be a fakeout so I'm not picking a side just yet...however if it triggers XLM could be heading to 9.5 cents in the near future here. Price action is currently testing the neckline and throwing little wicks above it so it's still right in the fakeout zone but if we see 3-5 consecutive 4hr candle closes above the neckline and a surge in bullish volume that will be the signal that it is triggering the breakout. Not a fan of XLM, Jed McCaleb or the recent and very desperate burning of 50% of their total supply..however once thew upcoming bull market kicks in for alts I would not be surprised to see XLM gain 500% or so during that run despite its horrible fundamentals.
COINBASE:XLMUSD
by DrDovetail
The bull flag btc's been in has now morphed into a falling wedgeWe can see a very valid falling wedge here on the 4hr chart; the purple trendlines following the wicks and the pink trendlines following the candle bodies..for now the purple one seems slightly more valid. Other signs giving the bulls hope currently are that we are still consolidating above the bigger green falling wedge from the weekly chart as well as still above the 1 day 50ma. for me this is a no trade zone until we see confirmation one way or the other.
BITFINEX:BTCUSD
by DrDovetail