BTC moved through the previous decision box 2 and even B, flattening off. As the only medium term chart pattern is this “slow catch” (the last one we fell out of it’s lows) is clearly discernible, it is reasonable to assume we are stalled by something that will force a far reaching decision. As the initial move down seemed motivated by the correlation with the stock market, and that of the US specifically, the Labour Day halt in trading comes to mind. My decision blocks are based on this and price. The blocks have thus also moved in close to current price. Decision Block 2 is looking more probable as we are approaching it with more intent. On the downside, both targets seem reachable, but I anticipate at lease some notable bounce from target 1 as it coincides with the major resistance turned support from 20 000. This would give us some time to assess. The upside is more conservative and serves as a reminder to have a plan for a bounce. There is enough potential energy built up already to cause whiplash. Volume needs to come in to get the sparks to fly.
My forecast: Things seem to be getting to a head now. Clarity is surfacing and that forces a decision, so plan.
Very important to me: Please leave a like if you support the effort, comment and give your thoughts and follow if you think this is leading somewhere. Thanks for reading this.
My forecast: Things seem to be getting to a head now. Clarity is surfacing and that forces a decision, so plan.
Very important to me: Please leave a like if you support the effort, comment and give your thoughts and follow if you think this is leading somewhere. Thanks for reading this.
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