SNAPSHOT BTC: SHORT-TERM SHORT... MED-TERM LONG... LONG-TERM ?
So what you're seeing in this current short term channel is lower highs and lower lows... Which I believe we are going to break through because there is some upward pressure medium term in the hourly (which is creating higher high and lower lows with an uptrend).
HOWEVER... Once we break out of the in the next wave up we are still very well within a long term wedge that has been creating lower highs but the support has stayed the same. Unfortunately we still have one more wave down inside of this long term monthly wedge down. Because of the nature of the wedge, this won't mean huge spikes up or down, but very short bursts staying within a 6600-5900 range.
I believe we will mostly be sideways till around OCT/NOV, maybe even December (until Santa Clause can finally bring us some good news that we've broken out of the long term wedge).
Just remember that WHEN we have a break out of a long term trend, IF we do not have long term MA and EMA indicators, as well as volume and MACD going for us, there is a extreme likelihood of a fake breakout. This is where we do breakout of the trend with a 4th or 5th wave solidly out of the bands but the MA and EMA pull it back to reality. AND if that is the case, that's pretty bad news. Actually, not for some of us because we can just short the mess out of it, but for the average investor that is just investing blindly (and there are a ton out there that have HODLed ever since) this will be pretty devastating news.
Sadly, I don't fully like what I'm seeing on long term MA and EMA. It is not clear enough for now where they lay when the bulls attempt to break out of this very long term wedge we have been in. IF the EMA and MA is there along with other factors, I can clearly see 10k back on the horizon or at least in the picture. But without that, sub 4k city is where we are headed with the 6k acting as RESISTANCE then instead of SUPPORT! And if you understand what that could mean, God I hope we don't see that.
THROW a like if you liked what you read and think its a valid TA.
-Namaste, Z-
Cliff Notes:
Short term: Good money can be made on a short term SHORT with no higher than x25 leverage to ensure it doesn't break up too fast. I expect we hit around 6300 shortly again.
Short-Medium term: There is a long opportunity after we hit 6300. We could see 6600-6700 range again after wards.
Medium term: After the 6600 another short opportunity back down to 6400 with a likely bounce back into the 6600 not long after that, so keep it VERY tight.
Medium-Long term: After 6600, I see a freefall back into the support of the larger wedge triangle that we have been stuck in with 6000 likely being support with a sideways trend back into the 6200-6300 range... That's when I expect this long term wedge to break out. (November-ish)
HOWEVER... Once we break out of the in the next wave up we are still very well within a long term wedge that has been creating lower highs but the support has stayed the same. Unfortunately we still have one more wave down inside of this long term monthly wedge down. Because of the nature of the wedge, this won't mean huge spikes up or down, but very short bursts staying within a 6600-5900 range.
I believe we will mostly be sideways till around OCT/NOV, maybe even December (until Santa Clause can finally bring us some good news that we've broken out of the long term wedge).
Just remember that WHEN we have a break out of a long term trend, IF we do not have long term MA and EMA indicators, as well as volume and MACD going for us, there is a extreme likelihood of a fake breakout. This is where we do breakout of the trend with a 4th or 5th wave solidly out of the bands but the MA and EMA pull it back to reality. AND if that is the case, that's pretty bad news. Actually, not for some of us because we can just short the mess out of it, but for the average investor that is just investing blindly (and there are a ton out there that have HODLed ever since) this will be pretty devastating news.
Sadly, I don't fully like what I'm seeing on long term MA and EMA. It is not clear enough for now where they lay when the bulls attempt to break out of this very long term wedge we have been in. IF the EMA and MA is there along with other factors, I can clearly see 10k back on the horizon or at least in the picture. But without that, sub 4k city is where we are headed with the 6k acting as RESISTANCE then instead of SUPPORT! And if you understand what that could mean, God I hope we don't see that.
THROW a like if you liked what you read and think its a valid TA.
-Namaste, Z-
Cliff Notes:
Short term: Good money can be made on a short term SHORT with no higher than x25 leverage to ensure it doesn't break up too fast. I expect we hit around 6300 shortly again.
Short-Medium term: There is a long opportunity after we hit 6300. We could see 6600-6700 range again after wards.
Medium term: After the 6600 another short opportunity back down to 6400 with a likely bounce back into the 6600 not long after that, so keep it VERY tight.
Medium-Long term: After 6600, I see a freefall back into the support of the larger wedge triangle that we have been stuck in with 6000 likely being support with a sideways trend back into the 6200-6300 range... That's when I expect this long term wedge to break out. (November-ish)
Comment:
Included snapshots of the wider view so you can see the wedge we are in.
