BTC vs USD - Go short from $11.9k if resistance is confirmed.
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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.
My charts are free to all and only an opinion... please do your own research.
Use the BTC address below to identify an asset you would like me to study or for a donation. More donation = more study ;)
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Use the BTC address below to identify an asset you would like me to study or for a donation. More donation = more study ;)
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Comments
You called that one perfectly! Great job! Do you have a short entry/exit plan that you would care to share with the group? Of course just your opinion :)
Reply
@DrogonAzul, Thanks!
Last August I was very bearish. In fact every August since being in Crypto for 4 years has been a bearish month. I'll wait and see what happens at $10.5k, if not support then I watch $8.6k, and if not support then hello $3k!
Last August I was very bearish. In fact every August since being in Crypto for 4 years has been a bearish month. I'll wait and see what happens at $10.5k, if not support then I watch $8.6k, and if not support then hello $3k!
Reply
$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.