bull trap
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It seems that the big players are slowly selling between 31-35k ...when will the blood bath take place? I'm guessing Tuesday or Wednesday. Is all of this timed? You bet it is. Will there be fireworks on the 4th as BTC bounces from 24k area to start a new run or will it keep going down? IMO play the bounce and take profits each time. Be careful and protect your assets. There is nothing wrong with staying out and waiting for confirmation before trading.
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Upward pressure continued...and I did not foresee that. Volume looked weak to me. Here is what I see now. I'm going to close this idea. Good luck to you all.
Trade closed manually
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I thought about just closing the idea but its my first post. Let's let it evolve. Maybe you can compare it to your own charts and it will spur some insight...or maybe not. I still can't figure out this rise. It's not an emotional thought. Just a limitation of my understanding of technical analysis at the current time apparently. When I have seen a failed attempt in a channel to go upward in the past it has led downward. By the way if BTC makes it to 40k then I think it will retest 35k area and then up to 47k area for a different perspective. Good luck to you.
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Here is an updated chart. If BTC can't rebound from the bottom channel, its gonna fall hard as I had originally predicted though this time I am a bit more humbled :) BTC will do its own thing. Stick with your analysis. It usually ends up going where I chart but the path it takes sometimes can cause me to get quite confused. Good luck to you all.
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Here is a possible path I see...I just can't be bullish on BTC now until it shows some higher volume. It's possible it can pull up from the lower channel. Many have said "the 30k support area is strong" but it keeps revisiting it and so the question becomes - how long will it remain strong?
Trade active:
As you can see in the chart above timing will be later than the 4th so there will be no fireworks I am guessing. Maybe some fire...be careful :)
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My bearish idea remains...here is an update. Should anything change I'll update the analysis. I'm including a little more forecasting in this one for the fun of it. As you can see in my chart I am expecting a dump to sub 26k by tomorrow morning BUT a rebound to 31 but don't get too excited it will go back down and then up and down a few times before making it to 24k area, then I'm long unless the drive down is deeper than I have charted. Good luck to all of you.
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Lastly this chart ties in my original idea and gets rid of the descending channel as BTC will take its own route.
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Here is a new idea to think about ...using price action from end of Oct 2019
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My latest idea above is what I am investigating. Seems very plausible to me.
Trade closed manually:
I have an updated idea started on July 6th if you are interested...