BTC and the Head games!
We broke the primary trendline. For me that makes the trend a reference and no longer confirmed. Whenever a trend breaks, probability lends to it not holding as was evident in my LTC analysis. If you follow me, you will know I am strict when it comes to my trendlines. That is why I tell the reader how many data points my primary trendlines have. If those trendlines are breached they become nothing more than a reference.
I will be brief because I have been overexposing myself to BTC analysis and getting a bit long winded.
Notice we fell right to a High-Volume Node (So nice to just speak the language). It appears the price wants to gravitate to the Point of Control, $3682 as I type this.
If we can break above $3889, I think 4k is very reasonable. What I am most concerned with is the broken trendline. You can see we closed above the top of the channel and it sure looked like the next big move north was imminent! The price actually collapsed and fell the width of the channel, and if you follow me you know what I have to say about that. It is very difficult to calculate the probability of a move north or a move south, but the POC is so close that if the primary trendline is used as resistance we could fade down to the POC. Just as a side note, I don’t trade BTC. In fact, I don’t really care much for it, but it still leads the market, so I cover it.
Want to know what POC and HVN mean? How to use the right indicators to help make better investment decisions, manage your trades better? Follow Biff for some real talk and real in-depth analysis.
Throw me a thumbs up so I can get some respect here on TV and follow me on Twitter so you can hear me complain!
Best,
Biff
We broke the primary trendline. For me that makes the trend a reference and no longer confirmed. Whenever a trend breaks, probability lends to it not holding as was evident in my LTC analysis. If you follow me, you will know I am strict when it comes to my trendlines. That is why I tell the reader how many data points my primary trendlines have. If those trendlines are breached they become nothing more than a reference.
I will be brief because I have been overexposing myself to BTC analysis and getting a bit long winded.
Notice we fell right to a High-Volume Node (So nice to just speak the language). It appears the price wants to gravitate to the Point of Control, $3682 as I type this.
If we can break above $3889, I think 4k is very reasonable. What I am most concerned with is the broken trendline. You can see we closed above the top of the channel and it sure looked like the next big move north was imminent! The price actually collapsed and fell the width of the channel, and if you follow me you know what I have to say about that. It is very difficult to calculate the probability of a move north or a move south, but the POC is so close that if the primary trendline is used as resistance we could fade down to the POC. Just as a side note, I don’t trade BTC. In fact, I don’t really care much for it, but it still leads the market, so I cover it.
Want to know what POC and HVN mean? How to use the right indicators to help make better investment decisions, manage your trades better? Follow Biff for some real talk and real in-depth analysis.
Throw me a thumbs up so I can get some respect here on TV and follow me on Twitter so you can hear me complain!
Best,
Biff
Comment:
A current look at BTC’s rebound reveals some price action with bullish momentum. This should drive the top altcoin market as well. The price action is being pulled to the High Value Node just below the .50 Fib price level. As I have stated in a prior trade recommendation that should you consider a short; a good entry point would be $4100 with a stop at $4400 (Not good anymore). The reason I bring this up is because there has been selling pressure above 4k. The price resistance levels to watch are the .382 Fib Level ($3994.80), set alert, and the Fib price level .50 ($4049) set alert. The overhead green resistance trendlines have no influence as they have been breached but left on the chart for symmetry and a reference as they may be tracked by auto trading algorithms. The solid orange highest resistance trendline is supporting my previous claim that probability suggests if we can reach that level (upper orange trend resistance), or near it, a likely retracement will occur. This is based on the historical data analysis and previous price distribution at price levels above 4k. My greatest concern is the breach of the Primary Dotted trendline. In the past when a primary trendline has been breached we can no longer give high probability to it holding as resistance in the event of a major sell-off. If you desire to see the last time this happened, look no further than my last LTC chart. The primary trend was breached, the price action went bullish and then collapsed right through the primary trendline. So, I base this theory on past experience with primary trendline breaches.
