Thought I'd finally share my thoughts on Bitcoin. It looks like a megaphone pattern is forming, specifically a broadening bottom.
These patterns are explained in detail by Bulkowski for those that are interested: thepatternsite.com/broadb.html
Suffices to say they are not reliable bottoms at all. They can break up, but they also demonstrate a high failure rate.
A good indication of a break above resistance is the partial decline, where the price retests resistance without going first to support.
Likewise a good indication of break below support is the partial rise, which should be self-explanatory.
As Bulkowski says, these are risky zones to enter. They are characterised by increasing volatility, which make them optimal for scalping and short swing trades, but for investors their outcome is not easy to predict.
These patterns are explained in detail by Bulkowski for those that are interested: thepatternsite.com/broadb.html
Suffices to say they are not reliable bottoms at all. They can break up, but they also demonstrate a high failure rate.
A good indication of a break above resistance is the partial decline, where the price retests resistance without going first to support.
Likewise a good indication of break below support is the partial rise, which should be self-explanatory.
As Bulkowski says, these are risky zones to enter. They are characterised by increasing volatility, which make them optimal for scalping and short swing trades, but for investors their outcome is not easy to predict.
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Bitcoin retesting import support level
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BTC now attempting bounce on 500 MA
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Bounce from the 500ma, I'm hopeful. Well done bulls!
Patience is the key xD