DrDovetail

Is Bitcoin about to go Thor on us and lift the Bull hammer?

BITFINEX:BTCUSD   Bitcoin / Đô la
The Hammer is a classic bullish trend reversal pattern so it's a welcome site on the day chart to us hodlers. However, On the journey from the all time high to where we find ourselves today there's been many a bulltrap and fake breakout along the way. Proceed with caution and wait for a followup candle to close above the top of the hammer for the following day's candle, and then also wait for confirmation from a green volume spike and confirmation from at least the majority of MACD crosses (5min,10min,1hr,4hr,etc) as well as RSI being oversold or near it. If all that is looking positive even then be prepared to set smart stop loss points especially if it closes under the 200 ema (blue line) or the green channel line that both held as support last night as I assumed they would in my last post. This could be a critical and pivotal turning point if it does indeed give those confirmations however we have a potential descending wedge now where the top of the wedge (the middle green line) could act as a line of resistance and instantly send whatever reversal the hammer gives us straight back down again. This wedge I first saw Haejin Lee drawing out and I find him to be usually very credible...however so far this top wedge trend line only has two touching points and I'm only comfortable considering a trend line valid if it has 3 touches....so until then that is strictly a hypothetical wedge , which means the real line of resistance could then be the topline of the green channel or possibly the t line (yellow line) I remain optimistic that the bears may soon realize it's winter and that they are supposed to be hibernating!
Bình luận: at the time of this post the macd for the day chart was giving a sell signal, but the 15min 30min, 1hr,and 4 hr are all giving buy signals.
Bình luận: After seeing the price start to fall as soon as the new candle started forming last night, I was still cautiously optimistic that I would see a reversal when I woke up in the morning...so far that's exactly what we are seeing...Still very important that this candle closes above the high of the hammer and we get a big spike of volume to go with it to confirm the reversal. Even then, beware of the potential top of the descending wedge to act as resistance...I assume with enough volume though we could bust up through the top of the wedge with ease.
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