We’ve stayed above it for almost 11 days now. If we breakdown it with volume it could mean quite a downfall. Originally I thought this would mean going back to just bit under 6k.
so, let’s see if this small sell off gets bought or not. Since saturday, I was waiting for a test of the levels before the big move up. 6550 area is what to watch imo, if this stays quite stable there is no need to worry.
Failed to break and remain above the 6800 resistance, broke the 6600 support confidently with good volume and the fact that we did remain here for a long time and these BGDs were “probably” all “orchestrated” (just my conspiracy) means that we will dump really hard and probably we will barely correct between dumps just because the number of open longs compared to shorts is so high and this could mean that the squeeze will be also intensive.
This rally started with a Bollinger W reversal as seen on Bitstamp 1day charts. Now we are seeing a Bollinger M top forming on the Bitstamp 12hr charts. The M top is weaker, being oriented towards the center of the top bands and showing less definition and on a 12hr vs 1d timeframe. It will confirm as M top and likely to go down more at ~$6450, with target of ~$6100. The second half of the M top is also yet another bull flag from our most recent pump. We are in a Bullish catapult pnf formation a la [this very popular post a few days ago.](https://www.reddit.com/r/BitcoinMarkets/comments/8wqhds/daily_discussion_saturday_july_07_2018/e1ydqe9) I am betting on more consolidation until testing the ATH resistance (and top 1day Bband), but sleeping with my price alarms ready to give me an opportunity to bail if the M top confirms.
I got back into crypto early 2017 when Btc was in 1000 area. With was 80-120. Ltc was 50-60 bucks. Goblin town apparently is different for me than it is for many if people call 4 or 5 k goblin town. lulz
This is starting to remind me too much like 9.4k and all the other «ascending triangles» on the way down. Dont like how long this is taking to break out. Put a stop at 6600ish on my long, flips it into a short.
I was going to close my longs before after rejection of $6800 at $6745 but I was in the processes of peeling shrimp and couldn’t get my hands clean in time to close ( lol ).
On that note, I’ll just lower my CA a tad and bail on my longs just under $6600
Please update us on what is happening with your position. /u/kaktusface
One indicator I always follow ir Moving 55 Exponential Average on 4hr. [https://www.tradingview.com/x/yJCXSNEy/](https://www.tradingview.com/x/yJCXSNEy/)
We’ve stayed above it for almost 11 days now. If we breakdown it with volume it could mean quite a downfall. Originally I thought this would mean going back to just bit under 6k.
so, let’s see if this small sell off gets bought or not. Since saturday, I was waiting for a test of the levels before the big move up. 6550 area is what to watch imo, if this stays quite stable there is no need to worry.
Failed to break and remain above the 6800 resistance, broke the 6600 support confidently with good volume and the fact that we did remain here for a long time and these BGDs were “probably” all “orchestrated” (just my conspiracy) means that we will dump really hard and probably we will barely correct between dumps just because the number of open longs compared to shorts is so high and this could mean that the squeeze will be also intensive.
Bitcoin breaking down. Guess that makes this rally just a .236 correction?
This rally started with a Bollinger W reversal as seen on Bitstamp 1day charts. Now we are seeing a Bollinger M top forming on the Bitstamp 12hr charts. The M top is weaker, being oriented towards the center of the top bands and showing less definition and on a 12hr vs 1d timeframe. It will confirm as M top and likely to go down more at ~$6450, with target of ~$6100. The second half of the M top is also yet another bull flag from our most recent pump. We are in a Bullish catapult pnf formation a la [this very popular post a few days ago.](https://www.reddit.com/r/BitcoinMarkets/comments/8wqhds/daily_discussion_saturday_july_07_2018/e1ydqe9) I am betting on more consolidation until testing the ATH resistance (and top 1day Bband), but sleeping with my price alarms ready to give me an opportunity to bail if the M top confirms.
Bollinger W and M info:[https://traderhq.com/ultimate-guide-to-bollinger-bands/](https://traderhq.com/ultimate-guide-to-bollinger-bands/)
I got back into crypto early 2017 when Btc was in 1000 area. With was 80-120. Ltc was 50-60 bucks. Goblin town apparently is different for me than it is for many if people call 4 or 5 k goblin town. lulz
This is starting to remind me too much like 9.4k and all the other «ascending triangles» on the way down. Dont like how long this is taking to break out. Put a stop at 6600ish on my long, flips it into a short.
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Serious question… where did the term “goblin town” originate?
Is that a crypto term or a wall street term?
Somebody slap me silly…
We just touched on $6,800 a few hours ago which is amazing stuff and I’m sweating about being aroudn $6,650 for some reason lol…
God damnit Bitcoin, let me rest!
!long XBTUSD add 6636 5x 20%
I was going to close my longs before after rejection of $6800 at $6745 but I was in the processes of peeling shrimp and couldn’t get my hands clean in time to close ( lol ).
On that note, I’ll just lower my CA a tad and bail on my longs just under $6600
We are all probably watching this line ( Blue )
https://www.tradingview.com/x/uqpJnoI6/
I have profits set up for 50% of my trade stacked 25% @ $6785 and $6815 and will let rest ride from there.
Good luck bro’s. Hitting the hay
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