The Pump Party is OVER - Quick Recovery or Nosedive Next?
Today's action is very telling. It looks like we did crawl up the Purple 1.618 line, but the action did not coincide to an exactness like we normally see when we find magical fib circle sets hiding in the wild. I took a hard look at my newer purple fib set, and have decided to make an adjustment on the ending date pulling it back from the 28th to the 22nd. There are more points of confluence in the previous few weeks that show up with this adjustment, plus it also nails the pivot that we saw happen today. Lining up this fib circle set with today's pivot and making the correction after-the-fact will actually be VERY VALUABLE to us in the near future, because there will be a much higher chance that it will catch more critical pivots.
Now let's assume I'm completely wrong on this, and BTC has more of a probability of reversing and continuing this little mini sheep run (it's not big enough to be a bull). Take note that I've added another section to the top of the parallel trading channel, with the light blue fill. If we do a quick reverse and start to head back up, THIS is what I would say that we need to be watching. Why? Because this is the height of the previous peak that poked above the top of the yellow parallel trading channel. Rather than changing the old parallel trading channel and adjusting it, I think it would be wiser to keep paying attention to the same trajectory with an added higher parallel line. If we can rise and hold above that line, I'm inclined to think that there is a possibility of a true reversal of trend and a breakout. But I'm not believing in it, even if it does.
If you want clear evidence that erases a shadow of a doubt about the true beginning of the next phase of this market, I think we have to consider the breaking of the ATH of $13,800. But it will take holding above that level, not just breaking it, to post a clear chart that says bullish continuance is assured. Until then, anything is possible with the correction. All previous predictions of how deep the correction will go will be worth careful consideration. I think the traders could continue having a great opportunity to play these swings to the up side and down side, but anyone else like me who exercises caution better be careful before doing anything stupid.
Not trading advice, but merely calling the action and drawing computer chalk lines like John Madden on Monday Night!
Carlton Flowers
The CryptoPro
Now let's assume I'm completely wrong on this, and BTC has more of a probability of reversing and continuing this little mini sheep run (it's not big enough to be a bull). Take note that I've added another section to the top of the parallel trading channel, with the light blue fill. If we do a quick reverse and start to head back up, THIS is what I would say that we need to be watching. Why? Because this is the height of the previous peak that poked above the top of the yellow parallel trading channel. Rather than changing the old parallel trading channel and adjusting it, I think it would be wiser to keep paying attention to the same trajectory with an added higher parallel line. If we can rise and hold above that line, I'm inclined to think that there is a possibility of a true reversal of trend and a breakout. But I'm not believing in it, even if it does.
If you want clear evidence that erases a shadow of a doubt about the true beginning of the next phase of this market, I think we have to consider the breaking of the ATH of $13,800. But it will take holding above that level, not just breaking it, to post a clear chart that says bullish continuance is assured. Until then, anything is possible with the correction. All previous predictions of how deep the correction will go will be worth careful consideration. I think the traders could continue having a great opportunity to play these swings to the up side and down side, but anyone else like me who exercises caution better be careful before doing anything stupid.
Not trading advice, but merely calling the action and drawing computer chalk lines like John Madden on Monday Night!
Carlton Flowers
The CryptoPro