I've been following the bigger picture for a while and had this chart drawn out for a while; it seems to be following my idea so far, so publishing for the sake of hopefully pointing out a potential key area for others.
We are climbing back up to a couple of key resistance areas, namely the 0.236 retracement which is sitting inside a bigger symmetrical triangle which dates back to February, but the lower line can also been seen as a more natural line of growth if we eliminate the epic explosion of late 2017 and therefore is acting as a strong support.
I am neither long or short on bitcoin at the moment, I am certainly long in the bigger picture, but whether or not that happens now or later, remains to be seen.
I certainly don't believe we will be falling to $3000 levels or anywhere close, I think thats just wishful thinking on behalf of the bears, of which there are more than a few on here!
Anyway, in summary, I will be waiting to see what happens when we reach the area I have circled, if we can break through that strong resistance, the next resistance will be the $10,000 area and then the 0.382 retracement which will require some force to break through too. If we fail, I expect to fall back to around 6500€.
We are climbing back up to a couple of key resistance areas, namely the 0.236 retracement which is sitting inside a bigger symmetrical triangle which dates back to February, but the lower line can also been seen as a more natural line of growth if we eliminate the epic explosion of late 2017 and therefore is acting as a strong support.
I am neither long or short on bitcoin at the moment, I am certainly long in the bigger picture, but whether or not that happens now or later, remains to be seen.
I certainly don't believe we will be falling to $3000 levels or anywhere close, I think thats just wishful thinking on behalf of the bears, of which there are more than a few on here!
Anyway, in summary, I will be waiting to see what happens when we reach the area I have circled, if we can break through that strong resistance, the next resistance will be the $10,000 area and then the 0.382 retracement which will require some force to break through too. If we fail, I expect to fall back to around 6500€.
Comment:
Too much sideways movement to predict much of anything right now, but very short term I'd bearish, there's little strength to show right now, but that's a positive thing, we can fall to support and rally again to try and break up.
Comment:
As anticipated yesterday, we've dropped to that support line which should hold, and over the next week we should climb up to that resistance once again, whereby we will see if the bulls can break through or the bears will push us lower.
This will be a critical moment because if we cannot break through, the support will unlikely hold and we will drop to 5500€ area.
This will be a critical moment because if we cannot break through, the support will unlikely hold and we will drop to 5500€ area.
Comment:
Very bad day for BTC, we have fallen through the support and I predict we will fall lower still, hopefully holding at 5500€. I don't suspect we will drop lower, Sunday can often show strange signs, tomorrow will give us a better picture as the big players come back into action.