Bitcoin...Bump and Run Reversal potential
Hi traders
Quick update on a post on the Bump and Run Reversal I posted a few days ago. As time progresses, it is progressing into one, and following my thoughts that the .75 mark will be the peak. As much as I am bullish medium and long term on BTC, for the short term I am tending bearish.
The pink dotted line is the lead in trend line which is between 30-45 degrees. The Bump phase is the blue dotted line that lies between the 45 and 60 degrees and is approximately 50% greater than the lead in phase angle.
The distance from the lead trend to the peak on the bump phase is more that twice the peak line at the lead in phase - thus confirmation.
Volume is also following the trend, with a peak at the peak, and dropping of subsequently.
I would expect a drop back to the lead in trend line at the least - coincides with the 10,200 support line. If it breaks this support line, it will be down from here.
This is not trading advice, only for education.
Link fyi
stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:bump_and_run_reversal_reversal
Quick update on a post on the Bump and Run Reversal I posted a few days ago. As time progresses, it is progressing into one, and following my thoughts that the .75 mark will be the peak. As much as I am bullish medium and long term on BTC, for the short term I am tending bearish.
The pink dotted line is the lead in trend line which is between 30-45 degrees. The Bump phase is the blue dotted line that lies between the 45 and 60 degrees and is approximately 50% greater than the lead in phase angle.
The distance from the lead trend to the peak on the bump phase is more that twice the peak line at the lead in phase - thus confirmation.
Volume is also following the trend, with a peak at the peak, and dropping of subsequently.
I would expect a drop back to the lead in trend line at the least - coincides with the 10,200 support line. If it breaks this support line, it will be down from here.
This is not trading advice, only for education.
Link fyi
stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:bump_and_run_reversal_reversal
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