Seems that the long bullish call was suddenly interrupted by a bearish pattern- and now caught into a bearish shark pattern- all of this combined with the earlier rejections and slow broad move to the downside does not look good at all anymore. Interrupted or failed harmonic patterns usually come with no warning other than the rejection points they have.. but the interrupted and embedded harmonics forcing additional downside can go overlooked. I have attempted to putt them in here as they developed. The red deep crab pattern took me by surprise. The yellow shark just made everything worse. Right now it seems the last hope for BULL move- is at the bottom of the bullish crab pattern in blue at 31k.. it may flash better prices, but I have a feeling this may also reject to the downside due to the larger yellow macro pattern (partially showing) which started most of the rejection action on price we see now. Even if the bullish pattern takes off- the retracement would not get it above the previous rejection points (unless we had other bullish patterns from between 31k and up). We would need to see what happens at 31k to know what develops longer term. With price action trapped deep in the descending channel- it just doesnt look good. The chart here is neutral. Wish I had better news :(
Comment:
As you can see by this chart there is A LOT of pattern action taking place- aggressive and very hard to call. The price action up this AM- seems to be showing an abbreviated crab vs deep crab as shown... wow. However this price action is now in tangled in a bearish shark- which can deliver wild action. Could be upside and it also could reject. If it rejects we are coming back down hard. If it doesnt reject the crab pattern may still be helpful for higher prices... and we may also get out of the channel for brighter days but will take some time to see this. I am still leery of the chances for it to break the channel though.
Comment:
BTC jumped off as expected- and has also rejected and still in the channel - close watch of the price action is required right now.
Comment:
Patterns are setting up for LONG move!
Moorsc0de aka Crypt0nomics aka Zaphkiel
