In the past 48 hours, #bitcoin faced a make-it-or-break-it conundrum: it could either falter due to the bearish flag formation, or it could go against typical technical analysis forecasts and break out into the open.
Fortunately for all HODL-ers, the king of #crypto chose the latter!
Take a look at my bitcoin price chart below:
What's unusual here is that the bearish pennant is usually so reliable in predicting a downturn. This pattern is what's known as a continuation pattern -- investors are tricked into believing a recovery is underway, but it's a bull trap. Eventually, the dominant trend -- in this case, the bearish trend -- continues.
It's just that in this case, bitcoin gave the bearish flag the middle finger!
It also serves as a warning that technical analysis isn't the most reliable indicator in the #cryptocurrency sphere, as I mentioned earlier in my #steemit post.
Well overall good news! The trend is still going up I'm trying to get more people in the bitcoin game
Good news for the timebeing but this may be driven by futures contracts set to expire at midnight. There was one wallet that purchased 96,000 BTC over the past week :|
Unfortunately, we will have to learn to live with the prices going up and down because of the futures. :0(
we reached one of our old resistance lines. huge step to the recovery. 1 trillion here we come
Why not an intermediate bullish target like 13-14k??