BTC/USD - MASSIVE MOVE PENDING | NEAR-0 VOLATILITY @ RESISTANCE
BTC/USD Remains at incredibly large overhead resistance. There is far too much resistance on the upside than there is to the downside.
The path of least resistance is clearly to the downside of a possible tenant formation.
More space and empty zones waiting to be occupied and traded in before a long-term bullish progression.
Historic near 0 volatility levels have been reached, thus implying an imminent breakout.
Previous ~70 day low volatility range broke to the downside, hence my bearish breakout bias.
US Stocks have been rising whilst BTC remained sideways. Global market sensitivity still remains a threat to BTC, so with a weak global economy, I expect weak BTC.
VERDICT: There are more reasons for a downside breakout than there is for an upside breakout. I expect a massive, high volume crash to sub 6000 levels.
The path of least resistance is clearly to the downside of a possible tenant formation.
More space and empty zones waiting to be occupied and traded in before a long-term bullish progression.
Historic near 0 volatility levels have been reached, thus implying an imminent breakout.
Previous ~70 day low volatility range broke to the downside, hence my bearish breakout bias.
US Stocks have been rising whilst BTC remained sideways. Global market sensitivity still remains a threat to BTC, so with a weak global economy, I expect weak BTC.
VERDICT: There are more reasons for a downside breakout than there is for an upside breakout. I expect a massive, high volume crash to sub 6000 levels.
Comment:
Confirmation of such an explosive, waterfall-esque move would be an initial move of at least ~10%. When this ~10%+ move is observed, I expect a large follow-through & continuation via the following candles in immediate effect.