#bitcoin could retrace and still break higher here's why ?
These ideas are an update to my last post June 19th.
This study hinges on analysing just the last eleven days of the month. Nothing special about having picked just the last eleven days, but complements my other study which was based on the first eleven days.
In this post we have now observed that a high has been confirmed outside of the last eleven days of the month. What I did next was to look for a month where like from the 13th to 18th June there was a low to high just before the last eleven days of the month, and that happened between the 15th and 18th September 2017 which is great news because the market retraced to form a low and then headed higher. Have marked on chart with letter “A” in yellow.
Next I observed that there was a divergence between the open and close of the (boxed in yellow) and opening and close of price between June 3rd and June 7th of an HLH pattern. What I did next was to look for the nearest same HLH pattern with same divergence and that happened between 21st to 28th October 2017. I then marked out for both the subsequent HLH pattern in turquoise (light blue) in the shape of a triangle and again this was great news because the market also then headed higher. Have marked on chart with turquoise (light blue) hands pointing upwards.
In summary all my oscillator studies based on the last eleven days of the month suggest that bulls are in right place, at the right time, doing the right thing to push the market higher.
NOT ADVICE. ALL STANDARD DISCLAIMERS APPLY. DO YOUR OWN RESEARCH.