We have established the ranging zone quite evidently, with the exception of wicks falling above and below. But I want to put forward a theory based on an observation I see.
We know that markets are not linear in nature, and naturally run in cycles irrespective of any fundamental or circumstantial factor. It is fact, the market is cylical in nature.
I just want to draw attention to where we dropped 10% from the established green zoning 'support' line, but was precipiated by a rejection from the upper red zoning 'resistance' line. Now let's flip reverse that pattern, and we could easily conclude that the same is potentially playing out now. As we know and have seen, when btc dumps it does so with epic velocity, quite often occuring in 5-15 minute candles. However, when bitcoin is on the rise it does it ever so gradually, then POP, it surges.
So let us think of it as gradually grinding away at brick wall 10 feet high and 10 miles across. Well, the more we continue to grind the weaker that wall will get until it falls over. We can apply the same to when support breaks however; we can clearly see in the recent drop and use the analogy of the wall, however that time the foundations and cement had not set and the wall was much easier to bring down.
Speaking riddles? Or thinking outside the 'Box'
Trade this carefully.
I can not place enough emphasis on risk management, and the absolute need for it right now. There are too many 'permas' right now, and this is going to trap so many with a lot of REKTS - Yes i get it, this needs to happen for liqudity and so on. But we can have liquidity co-occuring with mitigation.
Good luck
We know that markets are not linear in nature, and naturally run in cycles irrespective of any fundamental or circumstantial factor. It is fact, the market is cylical in nature.
I just want to draw attention to where we dropped 10% from the established green zoning 'support' line, but was precipiated by a rejection from the upper red zoning 'resistance' line. Now let's flip reverse that pattern, and we could easily conclude that the same is potentially playing out now. As we know and have seen, when btc dumps it does so with epic velocity, quite often occuring in 5-15 minute candles. However, when bitcoin is on the rise it does it ever so gradually, then POP, it surges.
So let us think of it as gradually grinding away at brick wall 10 feet high and 10 miles across. Well, the more we continue to grind the weaker that wall will get until it falls over. We can apply the same to when support breaks however; we can clearly see in the recent drop and use the analogy of the wall, however that time the foundations and cement had not set and the wall was much easier to bring down.
Speaking riddles? Or thinking outside the 'Box'
Trade this carefully.
I can not place enough emphasis on risk management, and the absolute need for it right now. There are too many 'permas' right now, and this is going to trap so many with a lot of REKTS - Yes i get it, this needs to happen for liqudity and so on. But we can have liquidity co-occuring with mitigation.
Good luck