You gotta give it to the bulls, moving from previous high around 314 to 500. That is impressive in only 3 days. I got notified for an update. I updated some of my thoughts the last few days but it got buried so fast lol. I'll pull in all the updates and put it here.
eiffel tower pattern
*check out the bitcoin trading guide and reference for what they mean
Looking at the 4hr bitcoin chart, the bulls failed to make new intraday high. Each rally is faced with more selling. In addition, I talked about the Eiffel tower pattern that happened when the market went absolutely wild.
For my own trading, I haven't traded much just watching this rollercoaster play out. I have been scalping though, very profitable with this liquidity. Its so short term that I won't be able to update. I do see new opportunities ahead once the dust settles so stay tuned.
The Eiffel tower pattern is essentially a fast price rise followed by fast price fall, effectively mirroring the price rise to the price fall like an Eiffel tower. Price of this pattern starts off choppy, but making new highs gradually. When market participants realize the path of least resistance is up, price develops into a new phase of exponential growth. This high price level become unsustainable and fall until it retraces all of its gain. The pattern was first coined by Chris Kimble, a professional hedge fund/portfolio manage as an example during periods of a bubble.