Bitcoin Battle of the Bulls Bears and Bart Simpson
The battle for Bitcoin continues as a bullish push yesterday has resulted in another bearish response today. The heavy weights continue to exchange blows, but who will prevail?
First screenshot below is of the hourly analog Bitcoin Bitfinex chart and we have another Bart Simpson pattern over the last two days here, which is also getting quite tiresome. It’s been everywhere the past few weeks and I drew some facial features in case anyone needs helps.
So after yesterday’s rally at 11am that ran from $7,400 up to $7,675, price headed sideways in a range all throughout overnight with a slight uptrend into the morning before, it appears a momentum algorithm took over and crushed price lower. I drew a some turquoise lines indicating another rising wedge as well, which typically breaks to the downside.
Price found support at the outside of the pitchfork that I had drawn yesterday and is continuing to act as decent support. It helps that the lime green horizontal support line at $7,500 is also providing support as well. On the downside, price is back below the 50 (blue) and 200 (black) hour moving averages that are interestingly sitting right on top of one another. That is usually indicative of a big price swing coming that could go either direction.
I think a reverse Bart Simpson pattern may be in the cards should this $7,515 level hold for a few more hours and as I write its already appearing to reverse. I have drawn another face there too.
Otherwise, I think a good downside target may be the convergence of the pitchfork and the black upward sloping line at $7,450.
RSI and MACD are getting weird with this volatility picking up on lower time frames, which is good news for the bulls and at last glance here looking encouraging for another leg upwards.
The ascending black triangle that you can kinda see from the corners of the screen is going to be the next big pattern to break to the upside sitting at about $7,650, but we will see more of that on the daily time frame.
On the daily analog Bitcoin Bitfinex chart, we still have the very real possibility that price could pop significantly today, or maybe since it’s getting late, in the day early tomorrow.
I have added two pitchforks to this Bitcoin chart, one back in April and one from this bottom that price put in last week at $7,040, with the swing high of $7,779 on Sunday and the swing low from yesterday at $7,372.
Notice how price was contained pretty solidly within 2 standard deviations of that channel from that red medium line. Price popped out a few times to the upside so maybe it would be worth adding a 3rd standard deviation, but otherwise it was a great sell signal if you were trading this.
The same goes for the bottom side of the pitchfork was well. When price exited the pitchfork to the downside that was signal to get out and when price moved back in on May 5th that, could be a nice swing trade until May 5th when you see how price was rejected before getting back to the median line, indicating a the start of a bear trend. Obviously, hindsight is 20-20, but the point is that these pitchforks are a great tool for your technical analysis.
Also, with this second pitchfork here, we have the potential for a great set-up for where price may head next. Price could possibly pop to the upside of the pitchfork around $8,327 today, but maybe we need to see further consolidation this time around and it need to move to the other end of the pitchfork where this ascending triangle is before moving higher. You will notice that this pitchfork is not at high as the previous one.
RSI and MACD on the daily chart still look healthy as well. There seems to be a wall of worry in this market, that price is fighting to climb. That usually is another great indicator of a big bull run.
-More at Vanddar.com
First screenshot below is of the hourly analog Bitcoin Bitfinex chart and we have another Bart Simpson pattern over the last two days here, which is also getting quite tiresome. It’s been everywhere the past few weeks and I drew some facial features in case anyone needs helps.
So after yesterday’s rally at 11am that ran from $7,400 up to $7,675, price headed sideways in a range all throughout overnight with a slight uptrend into the morning before, it appears a momentum algorithm took over and crushed price lower. I drew a some turquoise lines indicating another rising wedge as well, which typically breaks to the downside.
Price found support at the outside of the pitchfork that I had drawn yesterday and is continuing to act as decent support. It helps that the lime green horizontal support line at $7,500 is also providing support as well. On the downside, price is back below the 50 (blue) and 200 (black) hour moving averages that are interestingly sitting right on top of one another. That is usually indicative of a big price swing coming that could go either direction.
I think a reverse Bart Simpson pattern may be in the cards should this $7,515 level hold for a few more hours and as I write its already appearing to reverse. I have drawn another face there too.
Otherwise, I think a good downside target may be the convergence of the pitchfork and the black upward sloping line at $7,450.
RSI and MACD are getting weird with this volatility picking up on lower time frames, which is good news for the bulls and at last glance here looking encouraging for another leg upwards.
The ascending black triangle that you can kinda see from the corners of the screen is going to be the next big pattern to break to the upside sitting at about $7,650, but we will see more of that on the daily time frame.
On the daily analog Bitcoin Bitfinex chart, we still have the very real possibility that price could pop significantly today, or maybe since it’s getting late, in the day early tomorrow.
I have added two pitchforks to this Bitcoin chart, one back in April and one from this bottom that price put in last week at $7,040, with the swing high of $7,779 on Sunday and the swing low from yesterday at $7,372.
Notice how price was contained pretty solidly within 2 standard deviations of that channel from that red medium line. Price popped out a few times to the upside so maybe it would be worth adding a 3rd standard deviation, but otherwise it was a great sell signal if you were trading this.
The same goes for the bottom side of the pitchfork was well. When price exited the pitchfork to the downside that was signal to get out and when price moved back in on May 5th that, could be a nice swing trade until May 5th when you see how price was rejected before getting back to the median line, indicating a the start of a bear trend. Obviously, hindsight is 20-20, but the point is that these pitchforks are a great tool for your technical analysis.
Also, with this second pitchfork here, we have the potential for a great set-up for where price may head next. Price could possibly pop to the upside of the pitchfork around $8,327 today, but maybe we need to see further consolidation this time around and it need to move to the other end of the pitchfork where this ascending triangle is before moving higher. You will notice that this pitchfork is not at high as the previous one.
RSI and MACD on the daily chart still look healthy as well. There seems to be a wall of worry in this market, that price is fighting to climb. That usually is another great indicator of a big bull run.
-More at Vanddar.com
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