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After my post on Thursday there was a modest retracement on Crypto but there was no technical damage on Bitcoin (BTCUSD). That held the daily middle band perfectly on the last backtest and the obvious next target is a retest of the last high at 69.5k.
If Bitcoin continues higher from there, the larger bull flag that has broken up has a target at a retest of the all time high at 73,802.641.
(more…)I’ve been writing and talking over the last few months about the overall likely bull flag setups on Bitcoin (BTCUSD) and Solana (SOLUSD), and the bull flag resistance on Bitcoin was briefly broken a few days ago before the current modest retracement.
I was writing on Wednesday about the small H&S on Bitcoin, which didn’t make target and then failed yesterday on a break over the right shoulder high at 67.8k. That fail has a target at a retest of the October high at 69.5k.
(more…)Bitcoin (BTCUSD) has been retracing for a couple of days now and I mentioned on the premarket video yesterday morning that a possible small H&S was forming that might deliver some more downside. Since then that H&S has finished forming and has broken down with a target in the 63,500 area.
Now there is always a chance of course that an H&S may reject back up to the high, and if we see that here, this H&S would fail with a target back at a retest of the last high at 69.5k on a break back over the right shoulder high at 67,801.
(more…)Years ago, ZH was my hero. Their voice – – and it was a loud one – – said the kinds of things I wanted to say. They used to think crypto was idiotic, that stocks were overvalued, that Goldman Sachs was the anti-Christ (more specifically, a vampire squid), and they did it all without politics.
These days, every single thing is reversed. They WORSHIP Goldman Sachs. They are permabulls to the Nth degree. They think crypto is going to save the world. And, as for politics, their comments section is like a national Klan convention.
A tidbit of this was experienced earlier today, when they were cheering on Bitcoin’s ascent, while they mocked any skepticism about its imminent lifetime highs.
Yesterday afternoon I sent a quick update post to all the subscribers at my Crypto SubStack to warn them that there was now a high quality bull flag setup on Bitcoin (BTCUSD) that on a break up would look for a target at a retest of the September high at 66.5k. I also noted that the hourly RSI 14 sell signal that had formed and fixed as Bitcoin was hitting flag resistance had reached the possible near miss target. I was thinking of circulating this more widely but SubStack was having issues yesterday afternoon, so I thought I’d just cover this in a post today.
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