Previous High Eclipsed! 2nd Bounce in Stochastic Overbought Zone
RED ALERT! BTC has taken a second rip after the stochastic was headed back towards the overbought boundary line at 80%. I don't know what drives the market when we see this happening, but for whatever reason, there's a second push up here in the top of the stochastic. Notice how the first 5 candles on the 4-hour chart were centered around the Light Blue 1.618 magical fib circle boundary. And then all of the sudden, we see a rocket launch on the 6th candle giving us this humongous vertical pump to $9,398. And this happened with NO warning.
Notice how the volume is still not that impressive, yet the upward movement seems to still be in-tact. There's no telling what can happen here. It's a 50/50 call. We could pump all the way to the Dark Green 2.618, or even the Light Blue 2.618 (less probable, but it can happen). Since this move is happening without the help of a surge in volume, there's no telling what can unfold, or how long it will sustain.
We also have the possibility of falling right back down to the Light Blue 1.618 fib ring. We already know that this ring has gravitational price-pulling capability, so it's right in there as a scenario that can equally play out.
We are playing in some seriously choppy waters, folks. I would advise that everyone be SUPER careful (if you're crazy enough to be trading in this market, that is). I think we are going to continue to see the MAJORITY of the prognosticators get it wrong on their price predictions. Watch out who you listen to, and take everything you hear with a grain of salt.
Can't wait to see what this move plays out to be!
Carlton Flowers
The CryptoPro
Notice how the volume is still not that impressive, yet the upward movement seems to still be in-tact. There's no telling what can happen here. It's a 50/50 call. We could pump all the way to the Dark Green 2.618, or even the Light Blue 2.618 (less probable, but it can happen). Since this move is happening without the help of a surge in volume, there's no telling what can unfold, or how long it will sustain.
We also have the possibility of falling right back down to the Light Blue 1.618 fib ring. We already know that this ring has gravitational price-pulling capability, so it's right in there as a scenario that can equally play out.
We are playing in some seriously choppy waters, folks. I would advise that everyone be SUPER careful (if you're crazy enough to be trading in this market, that is). I think we are going to continue to see the MAJORITY of the prognosticators get it wrong on their price predictions. Watch out who you listen to, and take everything you hear with a grain of salt.
Can't wait to see what this move plays out to be!
Carlton Flowers
The CryptoPro