BTC vs USD - Go short from $11.9k if resistance is confirmed.
Price action on this 1-day chart has touched previous resistance at the same time the green overbought indicator has illuminated.
If the $11.9k is indeed rejected and (very important) $10.5k does not offer support.... then price action shall likely drop like a stone to $3k as per the 4-day chart below. Possibly even $1k. And it'll happen fast, just like in March.
I know what you're thinking, he's off his rocker. Stick with me... the only reason in my opinion price action has increased is because the dollar value has dropped like a stone (last chart below). In fact if you compare Bitcoin against the Euro you'll see recent price appreciation has not been as remarkable as that against the dollar.
4-day chart - big scary picture if support at $10.5k is not found.
10-day chart of the US dollar currency index against all other currencies - support expected around early August. When / if that happens BTC will crash.
If the $11.9k is indeed rejected and (very important) $10.5k does not offer support.... then price action shall likely drop like a stone to $3k as per the 4-day chart below. Possibly even $1k. And it'll happen fast, just like in March.
I know what you're thinking, he's off his rocker. Stick with me... the only reason in my opinion price action has increased is because the dollar value has dropped like a stone (last chart below). In fact if you compare Bitcoin against the Euro you'll see recent price appreciation has not been as remarkable as that against the dollar.
4-day chart - big scary picture if support at $10.5k is not found.
10-day chart of the US dollar currency index against all other currencies - support expected around early August. When / if that happens BTC will crash.
BTC
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Weblink: www.patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
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Weblink: www.patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
$10.5k - if it fails.
$8.6k - if it fails..
$3k - if it fails....
$1k.. could it possibly happen? Yes. Why? Because everyone on the planet is bullish, and convinced a huge symmetrical triangle is playing out. There is another possible pattern that is playing out, and I don't like it. What is it telling us? If $12k does not become support soon we're going to $3k.