Every time I put together a chart and post it, I try next to invalidate it.
My last chart (see linked) was about a possible backtest of support at 50k in the coming five days.
This chart takes the contrary view.
I posted in April a chart that examined the immediate period before the 2017 peak, and asked whether this might be repeating now.
Looking at the pullback that I think is mirroring April's correction, did we see a backtest?
No. There was no backtest.
From where BTC is now, it was only upward in 2017.
It's interesting to note the similarity in chart patterns, including the double-top.
What we want to know is, is it safe to long from here?
Always BTC faces us with this dilemma. For whatever coin you're interested in.
Are we at a new local low?
What is your opinion?
Let me know in comments.
My last chart (see linked) was about a possible backtest of support at 50k in the coming five days.
This chart takes the contrary view.
I posted in April a chart that examined the immediate period before the 2017 peak, and asked whether this might be repeating now.
Looking at the pullback that I think is mirroring April's correction, did we see a backtest?
No. There was no backtest.
From where BTC is now, it was only upward in 2017.
It's interesting to note the similarity in chart patterns, including the double-top.
What we want to know is, is it safe to long from here?
Always BTC faces us with this dilemma. For whatever coin you're interested in.
Are we at a new local low?
What is your opinion?
Let me know in comments.
Comment:
04 May 2021 16:03:35: CryptoQuant showing a spike in BTC all exchanges inflows. 10.3k in the last hour. That should be noticed in price action.
Comment:
04 May 2021 16:51:42: To my eye, BTC just did a seven-wave down crash structure. I've not yet seen these run in twos, but not much can be ruled out. Often we see a double-tap at the end, as this structure is fractal, so the sixth wave contains seven waves in the same structure, as does the sixth of this sub=wave.
Comment:
04 May 2021 19:39:02: I didn't get that count right as I was trying to do it as the move was unfolding. I still may be wrong, as doing the count is not easy, and this is a 5-minute chart. There's a certain degree of subjective pattern recognition involved, but I do think the base is in for the time being. As you can see, there are sevens all over the place. This crash structure is very fractal in nature and appears across all charts and assets and markets.
Comment:
05 May 2021 12:42:40: For anyone interested, I'm following the micro-detail of the seven-wave crash structure in this post:
AgitationZone | TA-focused cryptocurrency Discord channel discord.gg/atGcaRzz
