The hourly price action is out of my league so stepping aside into the safe arms of the old Log chart. I think these lines have been in place for about a year now - not perfect but interesting to see how they are interacting with price. Looking at some alternative scenarios vs. my sideways expectation.
- Local Fractal based on the ATH period - Consistent pattern but suggests a recent deviation from the fractal (limited trust of local fractals)
- Price pushing into resistance - possible retest zone.
Takeaway: Price looks bullish but undecided if I'm honest so staying with the existing plan - Neutral Long.
- Immediate, still leaning sideways into a local wedge - possibly times well with the US debt default FUD. Minor concern if we move up sharply here it might be an exit pump.
- Midterm, I suspect we will make a run on $52k in a few weeks but not convinced we make a run up past ATH for a few months. Expecting more time in the $40s
B, HF
- Local Fractal based on the ATH period - Consistent pattern but suggests a recent deviation from the fractal (limited trust of local fractals)
- Price pushing into resistance - possible retest zone.
Takeaway: Price looks bullish but undecided if I'm honest so staying with the existing plan - Neutral Long.
- Immediate, still leaning sideways into a local wedge - possibly times well with the US debt default FUD. Minor concern if we move up sharply here it might be an exit pump.
- Midterm, I suspect we will make a run on $52k in a few weeks but not convinced we make a run up past ATH for a few months. Expecting more time in the $40s
B, HF
Comment:
correction - 6 months :)