Bitcoin is apparently on a tear. I did not think that this uptrend would regain its strength and continue like this. But it is gaining. It sure looks like we are headed straight towards the Dark Green 2.618 fib ring. BTC is WAY up over the overbought boundary line on the stochastic, but even with a correction, I think it's possible to continue this trend until we hit the magical 2.618 of the Dark Green Lord of the Rings. If you'll notice, I have a light gray line that marks the bottoms of the wicks for this upward-sloping trading channel. That could be the point where we cross the 2.618.
I think there will be a pivot at that exact point. As soon as BTC crosses that fib ring, it's going to either surge again or start a major correction. The way the market looks, and judging from the past week's action, I think it's going to surge upwards again. We could challenge the previous major peak of $14,000 if BTC does not cool its jets. It could happen in a blink. But in the same breath, I would not say that it is out of the question to consider this entire movement to be a fake out. The relatively weak volume certainly does lend to the fakeout theory.
But overall, there is definitely something going on significant here. The alts are going BANANAS. The momentum is there. All indications pretty much say "BULL MARKET!" right now. But we know what happens when people start calling the market prematurely... They get rekt.
Just a short month ago, everyone was swearing on their lives that Bitcoin was going to correct to $7200, and then $5400. Several made cases for the possibility of even $3200 and $2800. Then this happened. Where are all the discussions about "the Big Capitulation" now? I think it's important to consider how EPICLY WRONG (that's a new word) we often are in judging this market, and how quickly the masses instantly change their minds. I still have not yet brought myself to a comfortable safe point of feeling that we are in the new bull market.
But who am I? Just a man.
Carlton Flowers
The CryptoPro
I think there will be a pivot at that exact point. As soon as BTC crosses that fib ring, it's going to either surge again or start a major correction. The way the market looks, and judging from the past week's action, I think it's going to surge upwards again. We could challenge the previous major peak of $14,000 if BTC does not cool its jets. It could happen in a blink. But in the same breath, I would not say that it is out of the question to consider this entire movement to be a fake out. The relatively weak volume certainly does lend to the fakeout theory.
But overall, there is definitely something going on significant here. The alts are going BANANAS. The momentum is there. All indications pretty much say "BULL MARKET!" right now. But we know what happens when people start calling the market prematurely... They get rekt.
Just a short month ago, everyone was swearing on their lives that Bitcoin was going to correct to $7200, and then $5400. Several made cases for the possibility of even $3200 and $2800. Then this happened. Where are all the discussions about "the Big Capitulation" now? I think it's important to consider how EPICLY WRONG (that's a new word) we often are in judging this market, and how quickly the masses instantly change their minds. I still have not yet brought myself to a comfortable safe point of feeling that we are in the new bull market.
But who am I? Just a man.
Carlton Flowers
The CryptoPro