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📈 Daily TA: M-formation on Bitcoin's chart (BTC/USD) ? | 08-12-2021

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cryptospa
@cryptospa
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Hodl, dear members of LeoFinance!

Today, I would like to share some cool a kind of Technical analyses that Dr. Adam Back (inventor of Hashcash that is used in Bitcoin) posted yesterday.

So, Dr. Back shared the following tweet yesterday, highlighting that BTC/USD is forming the so-called μ-formation:

Source: Twitter

The idea behind this formation is that unexpectedly a solid price dip takes place within a very short period, and it liquidates most leverage-traders.

So, the 1-hour chart (1H) of Bitcoin looks like this, right now:

If the μ-formation forms then we can expect a continuation of the rebound up to the level of $56K-$57K.

By the way, Dr. Adam Back clarified in an additional tweet, that the μ-formation is also known as the Dalai Lama formation:

Source: Twitter

And this is super cool and funny because there is a video clip (of course, edited) with Dalai Lama watching ... Source: Twitter

... how the μ-formation is forming ... Source: Twitter

... and laughing at the end: Source: Twitter

To be honest, this *μ-formation aka Dalai Lama is something super new to me! That's why I am really very curious about if it will form on the price chart of Bitcoin, so that, BTC/USD gets back to $56K-$57K very soon.

To be continued ...

As of the time of writing, one BTC costs $50806,20 on the Bitstamp crypto exchange, according to TradingView.

A few words about me:

Just to let you know: I've been working professionally as a currency analyst for the last 15 years, and as a cryptocurrency analyst for the last 4 and a half years.

Important!

Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.

Check @crypto-guides to learn about the essentials of the major cryptocurrencies.

Join the crypto exchange Binance: https://www.binance.com/en/register?ref=28017531 Join the crypto exchange Bittrex: https://bittrex.com/Account/Register?referralCode=3GB-QAJ-BMW

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