We can see that BTC has actually surpassed the , and has reversed to test it as support. Currently, that level appears to be holding, as a small red candle pushes down into it. We may continue to test that level for a few hours, but I think the big test of the top of the pink channel is right around the corner. The price action is progressive, but not parabolic. It shows that the market is stair-stepping higher, and that is indicative of sustainability. I do think that we may see an initial negative reaction at the top of the channel. I'm sure that a lot of sellers have placed their sell orders there. So I won't be surprised if we pull back from the initial touch. However, the 200 (in purple) and the 50 (in orange) are just below. Yesterday, we noted the support that BTC confirmed on the 200 , so I would imagine those levels would continue to be supportive. If we get a negative reaction, and those levels start to fall, that would be a yellow flag. If the green dashed falls, that will be a red flag sell signal. That's a bit of worst case scenario analysis, but it's also less likely, in my opinion. I think that we are likely to see a breakout, as new enthusiasm continues to build in the crypto space. However, I NEED EVIDENCE. I want to see it on the charts. My thoughts, my suppositions, my emotions, are dead. All I care about, is the data in front of me. If BTC pops above that pink line, it will tickle my fancy. Stay sharp, stay nimble, and let the market show us the way. I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic. revoir.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
Back in the channel :)
This is quite funny actually.