pnaik732

pnaik732

Keep an eye on this current attempt to get going again. Would be a short-term bullish sign.

pnaik732

Short term there should be a modest bounce in any case, as long-term crypto bulls should accumulate cost/average here. Bulls must hold this "second most" important trendline, but they can't be fully confident until they reclaim the line of repair Noting that ETHBTC is relatively strong here. Could be a possible rotation.

pnaik732

Ideally hold the line here. There is more support but this is the key line for the recent breakout.

pnaik732

moving above the battle line. seems bullish to me. consolidating here and pushing higher would definitely be positive for BTCUSD

pnaik732

Bulls are defending the line. Would be nice if price stays above. Strong support a few k underneath if it does break down.

pnaik732

Yes it can go lower, but this is definitely a better deal than buying at 69k. If bulls will continue their consolidation stand they will likely keep making it here on this trendline

pnaik732

Nice short-term dojis Looks like a gear-up for a third attempt at 68.5k

pnaik732

retest and resumption a good sign now to see if there is some follow through.... still might take a while

pnaik732

If this is not another fake out, think BTCUSD going higher, 75k next big target. A retest of 66k beforehand would be nice, but Bitcoin has a tendency to just go in these situations. Potential to go to 130k+ if people get comfortable with the idea of 65k+ BTCUSD

pnaik732

Well, there is still one more resistance to break, but if it is go time then let's goooooooooo in the meantime some consolidation here above 63k would be healthy

pnaik732

The consolidation goes on and on... this is of course extremely reasonable, but since BTCUSD is usually more volatile it feels a bit boring! The good news is down-sloping trendlines keep getting broken, another mini-breakout just now. The concerning (albeit slightly) news is BTCUSD keeps going back to test that major trend line again and again, though it seems to...

pnaik732

Looks good but still 3 evenly-spaced resistances to conquer before price discovery. However, the action of late leaves little to feel bad about for the longs

pnaik732

Highest monthly close, despite a last moment bear attack... now we are in November and the bulls are having a go. Still in the triangle which has now widened and extended. Still biased long for the eventual breakout that should lead to a re-test of the ATH.

pnaik732

Triangle breakout time. I have a long bias due to a likely monthly all-time high close, but of course as always indecision can break either way.

pnaik732

Until I started charting things in detail, beyond moving averages and Bollinger bands, I wasn't so sure about trend line analysis. But it is uncanny how the trendlines get respected.

pnaik732

Aside - but notice that the GBTC premium has risen from -20% to now near -13%.... there is definitely demand, or at least belief that some day it will be converted to an ETF P.S. How to plot the GBTC premium (in percent): (OTC:GBTC­/(0.00093489*BITSTAMP:BTCUSD)­-1)­*100

pnaik732

Sandwiched between ATH and the "Scene of the crime line".... right on the 4h head and shoulders line... healthy consolidation

pnaik732

Assuming this is not a fake out, on to 75k. That will be a tough resistance; if cracked 100k, 130k achievable given past patterns of 2x gains after breaking all time highs. If it is a fake out, still room for consolidation or even pull back to the (inverse) head and shoulders line.