(Excuse all the million lines on this chart, just a few different looks at historic ranges and movements).
- Red SMA is 150 days - which we are under (have been since March)
- Super guppy looks like it needs one last stretch down before springing back
- Green and red double arrows were from a directional forecaster (cant remember the name) but if the arrow is green then it was generally correct in predicting next trend (in a reasonably large manner) If its red then it was either incorrect or was correct but was not followed by a huge move
(The last green double arrow is suggesting it to go up - but is not yet confirmed by enough volume)
- Looking at the triangles formed from the highs and lows of yesterbars show vertices forming around the 16th - 22nd July
- The purple triangle we are currently in also has a base pretty much inline with the 236 fib level (Fib lines shown here are from the all time high down to the year to date low) 236 level is $5,926
- The base of the slightly larger blue triangle that we just broke out the top of is at $5,150
- The dashed yellow line emanating from today and down to the base of the blue triangle is no larger than some other 3-6 day BTC movements in the past, showing that a sudden drop to $5,150 is fully possible
- My understanding is that BTC is considered a solid buy between $5-5,800
Conclusion:
I think we could nibble down to touch $5,900 next few days, then suddenly crash down to $5,150ish in a day or two, capture a whole load of buy orders, little bit of FOMO, and then rebound up to the topside of the large blue triangle at about $7,600 or even push up to the 382 fib...
Perhaps good news on BTC ETF would offer timely assistance here..
- Red SMA is 150 days - which we are under (have been since March)
- Super guppy looks like it needs one last stretch down before springing back
- Green and red double arrows were from a directional forecaster (cant remember the name) but if the arrow is green then it was generally correct in predicting next trend (in a reasonably large manner) If its red then it was either incorrect or was correct but was not followed by a huge move
(The last green double arrow is suggesting it to go up - but is not yet confirmed by enough volume)
- Looking at the triangles formed from the highs and lows of yesterbars show vertices forming around the 16th - 22nd July
- The purple triangle we are currently in also has a base pretty much inline with the 236 fib level (Fib lines shown here are from the all time high down to the year to date low) 236 level is $5,926
- The base of the slightly larger blue triangle that we just broke out the top of is at $5,150
- The dashed yellow line emanating from today and down to the base of the blue triangle is no larger than some other 3-6 day BTC movements in the past, showing that a sudden drop to $5,150 is fully possible
- My understanding is that BTC is considered a solid buy between $5-5,800
Conclusion:
I think we could nibble down to touch $5,900 next few days, then suddenly crash down to $5,150ish in a day or two, capture a whole load of buy orders, little bit of FOMO, and then rebound up to the topside of the large blue triangle at about $7,600 or even push up to the 382 fib...
Perhaps good news on BTC ETF would offer timely assistance here..