While all of the YouTube loudmouths are running off at the yap changing their minds every other day, I'm sticking with the same prognosis that I have had for the past several weeks: we are still in a downtrend. Just one week ago, a great number of Moon Boys flipped their opinions and started admitting that we were in for a long downtrend rather than a big upward move. But as soon as we had the recent spikes on September 30th, October 7th, and today (October 9th), they've been running rabid about a major move back to $10,000. I'm going to step out on a limb and say NONSENSE. Here's why...
Do you see on my chart what happened when the price line met the Big Red 2.618 fib circle ring that we have already determined as one having magical influence? Yes. Bitcoin hit its head on that line and reversed direction. I don't call that a coincidence. We are moving back to the top of the parallel trading channel that I am still going by, and Big Red 2.618 knocked BTC down before it could reach the top of the channel. I'm looking at three possible scenarios from this point.
1. BTC will slightly correct after hitting its head on the respected 2.618 ring, and then head back up to the top of the parallel trading channel. But notice where the 2.618 and the top of the channel intersect. That will be a possible pivot point to the down side.
2. BTC will continue falling until it reaches the Big Red 3.618, confirming the power of this down trend.
3. BTC will correct, then make a stronger move back up to the top of the parallel trading channel and break through for a short time, as it has in the past few months. But it will not stay above that channel, and the impending correction will take it down to the Big Red 3.618, as the downtrend will continue.
I'm not convinced that a major move will happen at all. I'll believe it when I see it. Meanwhile, I'll keep watching the YouTube Jockies flip-flopping on a daily basis every single time we get a green candle of significant size, only to change their minds to bearish the minute it corrects. Watch that stochastic while you're at it. Notice how we've been bouncing in the oversold zone for 48 hours, and consider the amount time it has been in this zone only to pump the price to $8600. That's not breaking news to me.
I could be wrong. Dead-wrong. Maybe BTC takes a moon shot the minute I post this idea. But thus far, we're dead in the middle of a down trend, and the bear market or bearish trend (or whatever you want to call it) has not completed.
NOTE: I forgot to hit the "publish" button last night! So it's actually 10-10-2019, and I wrote this on 10-9-2019
Do you see on my chart what happened when the price line met the Big Red 2.618 fib circle ring that we have already determined as one having magical influence? Yes. Bitcoin hit its head on that line and reversed direction. I don't call that a coincidence. We are moving back to the top of the parallel trading channel that I am still going by, and Big Red 2.618 knocked BTC down before it could reach the top of the channel. I'm looking at three possible scenarios from this point.
1. BTC will slightly correct after hitting its head on the respected 2.618 ring, and then head back up to the top of the parallel trading channel. But notice where the 2.618 and the top of the channel intersect. That will be a possible pivot point to the down side.
2. BTC will continue falling until it reaches the Big Red 3.618, confirming the power of this down trend.
3. BTC will correct, then make a stronger move back up to the top of the parallel trading channel and break through for a short time, as it has in the past few months. But it will not stay above that channel, and the impending correction will take it down to the Big Red 3.618, as the downtrend will continue.
I'm not convinced that a major move will happen at all. I'll believe it when I see it. Meanwhile, I'll keep watching the YouTube Jockies flip-flopping on a daily basis every single time we get a green candle of significant size, only to change their minds to bearish the minute it corrects. Watch that stochastic while you're at it. Notice how we've been bouncing in the oversold zone for 48 hours, and consider the amount time it has been in this zone only to pump the price to $8600. That's not breaking news to me.
I could be wrong. Dead-wrong. Maybe BTC takes a moon shot the minute I post this idea. But thus far, we're dead in the middle of a down trend, and the bear market or bearish trend (or whatever you want to call it) has not completed.
NOTE: I forgot to hit the "publish" button last night! So it's actually 10-10-2019, and I wrote this on 10-9-2019