I just want to apologize for the large amount of rays, I prefer to keep major support/resistance lines plotted. BTC really abides by them for good buy/sell lines.
With all the downtime I am getting today and the expected retracement and subsequent bull-push I was waiting for, I've decided to take a little look at the information in front of me instead of twiddle my thumbs until DA BEARS return. Which is all good with the balance of things, Da Bears clearly have their mind set on driving the price down. My thinking is that their goal now is the previous lows of last month now simply because if you look at my chart there is a descending trendline from the peak back on 20January, which was a response to the sell-off from the 19k high. If you look south there is an ascending trendline that I built off the lows following the drop from this peak, and you can see that BTC is abiding by the bounds of this wedge that has formed from these two lines.
Based off this, I wanna say that BTC will approach the top of the descending blue line before about-facing toward the ascending line.
Got a different thought? Throw it at me, knowledge is power, and that is a power best shared.
With all the downtime I am getting today and the expected retracement and subsequent bull-push I was waiting for, I've decided to take a little look at the information in front of me instead of twiddle my thumbs until DA BEARS return. Which is all good with the balance of things, Da Bears clearly have their mind set on driving the price down. My thinking is that their goal now is the previous lows of last month now simply because if you look at my chart there is a descending trendline from the peak back on 20January, which was a response to the sell-off from the 19k high. If you look south there is an ascending trendline that I built off the lows following the drop from this peak, and you can see that BTC is abiding by the bounds of this wedge that has formed from these two lines.
Based off this, I wanna say that BTC will approach the top of the descending blue line before about-facing toward the ascending line.
Got a different thought? Throw it at me, knowledge is power, and that is a power best shared.
Bring your focus to the response peaks to the sell-off since 19k. They almost PERFECTLY line up with the Fib levels from the Rocket-Rise in the Fall of 2017. Coincidence? Not likely.