30M
We had a beautiful reversal pattern that lasted for a month. Think great wall of China that you can see from outer-space. I aim to ride this tsunami for as long as it can run, from this impulse & bull flag consolidation, I expect to see choppy action and probably higher levels.
We could be starting an intermediate term Bullish cycle, even though we are still withing a longer term bear market. I do sense that the bear market is running out of steam, and news of the ETF in 3 weeks and subsequent delays and waiting time there after will probably be the catalyst of a bull market. This still could be a while and so we are currently going to experience more overall consolidation and finding bottom on BTC. I could theorize that we will continue with bullish movement up until the ETF meeting on Aug 1, and then as Buy the Hype Sell the News dictates a sell off after the meeting, unless of course that (unlikely) the SEC says all lights green Go, tomorrow we already have everything set up for a BTC ETF, then that's when you be sure to buy BTC.
Technically, this is a break out, just not in an impulsive way. We had similar action on 5/2. I remember buying that breakout, and was quite nervous because it didn't immediately impulse it just slowly climbed. The volume was extremely low at that point and it steadily walked up and up and then finally impulsed. We could have a similar situation here but would be careful to see how we react to the top descending resistance.
Current support is at 7477 and should hold throughout its climb. My first red flags will be breaking below 7477 as well as BTC's short term support trendline (circle on graph).
I started this post before this recent impulse up to the bull flag I have drawn in purple so it will be interesting if BTC stays within that flag for a while longer or creates a new structure, maybe the bull flag will turn into a triangle as the 7477 support is aggressively bought up, in which case I would still be looking for further upside action.
We could consolidate lower and stay within blue rectangle as well for about about 10 more hours, and then move up or down.
Overall, I am very happy in BTC's action today, the way it slowly and steadily walked up and kissed its resistance. That is strength. Its consolidating at resistance forming a potential further upside movement.
If we move up and stay above the Red Immediate resistance it would further ensure us not falling back into this consolidation.
Happy Hunting.
We had a beautiful reversal pattern that lasted for a month. Think great wall of China that you can see from outer-space. I aim to ride this tsunami for as long as it can run, from this impulse & bull flag consolidation, I expect to see choppy action and probably higher levels.
We could be starting an intermediate term Bullish cycle, even though we are still withing a longer term bear market. I do sense that the bear market is running out of steam, and news of the ETF in 3 weeks and subsequent delays and waiting time there after will probably be the catalyst of a bull market. This still could be a while and so we are currently going to experience more overall consolidation and finding bottom on BTC. I could theorize that we will continue with bullish movement up until the ETF meeting on Aug 1, and then as Buy the Hype Sell the News dictates a sell off after the meeting, unless of course that (unlikely) the SEC says all lights green Go, tomorrow we already have everything set up for a BTC ETF, then that's when you be sure to buy BTC.
Technically, this is a break out, just not in an impulsive way. We had similar action on 5/2. I remember buying that breakout, and was quite nervous because it didn't immediately impulse it just slowly climbed. The volume was extremely low at that point and it steadily walked up and up and then finally impulsed. We could have a similar situation here but would be careful to see how we react to the top descending resistance.
Current support is at 7477 and should hold throughout its climb. My first red flags will be breaking below 7477 as well as BTC's short term support trendline (circle on graph).
I started this post before this recent impulse up to the bull flag I have drawn in purple so it will be interesting if BTC stays within that flag for a while longer or creates a new structure, maybe the bull flag will turn into a triangle as the 7477 support is aggressively bought up, in which case I would still be looking for further upside action.
We could consolidate lower and stay within blue rectangle as well for about about 10 more hours, and then move up or down.
Overall, I am very happy in BTC's action today, the way it slowly and steadily walked up and kissed its resistance. That is strength. Its consolidating at resistance forming a potential further upside movement.
If we move up and stay above the Red Immediate resistance it would further ensure us not falling back into this consolidation.
Happy Hunting.
Comment:
Get me 25 Likes and I will commence a $1 million challenge
Comment:
The words on my chart "Past breakdown Point 6/9" correlates to the light blue horizontal line, not the descending grey triangle top.
Comment:
Whoa! What a drop. The buyers got in there aggressively as well, so we have a potential to form a bottoming base within this larger consolidation... This could form an Inverse H&S, of which this is the beginning of the right shoulder. The volume signature was very high which could signify bottoming action. It will be important to note if we break below this new low of the candle with aggression or a rounding bottom
