Alright wolves, I am still 100% bearish here and solidly believe we will reach 6k before recovering. However, how we will get to that 6k double bottom is what we are discussing today.
Lets jump in - As you can see I have mapped out 2 routes for BTC on this chart, each relying on the direction the current bull flag that we have formed will break.
Route 1 - If the bull flag breaks up we will run up to our first resistance at around 7200, if that is broken down our next sits at 7500, I do not think we will break this resistance, it has proven too strong in the past and as we stand at this stage volume is way too low. Once we hit the target zone between 7200-7500 we will then retrace to the 6400 mark for a small bounce and then back to 6k.
Route 2 - If the bull flag fails and we fall down, I would expect quite a slippery slope all the way to 6400 before a bounce and then 6k.
Which scenario is more likely?
RSI and MACD both say bull, however volume is almost non existent and we are looking overbought on almost every timeframe. SO yet again we have mixed signals, this is (in my opinion) due to market manipulation, if you are involved in crypto I am sure you have been reading about this 'cartel' that manipulates the market etc etc.. I am not in anyway commenting on that, however I do believe there is some severe manipulation happening where one or many powerful entities are drawing their own patterns on the BTC chart as they please. Take a look at the write up in the announcements channel on our discord for more details.
Lets jump in - As you can see I have mapped out 2 routes for BTC on this chart, each relying on the direction the current bull flag that we have formed will break.
Route 1 - If the bull flag breaks up we will run up to our first resistance at around 7200, if that is broken down our next sits at 7500, I do not think we will break this resistance, it has proven too strong in the past and as we stand at this stage volume is way too low. Once we hit the target zone between 7200-7500 we will then retrace to the 6400 mark for a small bounce and then back to 6k.
Route 2 - If the bull flag fails and we fall down, I would expect quite a slippery slope all the way to 6400 before a bounce and then 6k.
Which scenario is more likely?
RSI and MACD both say bull, however volume is almost non existent and we are looking overbought on almost every timeframe. SO yet again we have mixed signals, this is (in my opinion) due to market manipulation, if you are involved in crypto I am sure you have been reading about this 'cartel' that manipulates the market etc etc.. I am not in anyway commenting on that, however I do believe there is some severe manipulation happening where one or many powerful entities are drawing their own patterns on the BTC chart as they please. Take a look at the write up in the announcements channel on our discord for more details.
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Here is a look at the bigger picture -
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Alright wolves, everything is going as planned.
As expected, we were rejected by the 7200-7500 zone and have headed back down to the 6600-6800 support zone, if we break this we have strong support at 6500 then 6400. If we fall through that we will fall to the 6000 double bottom, I believe we will see a strong bounce from there and we could possibly have a chance of breaking out of this long term down channel.
If we fall through 6k, we could be looking at a 4200 bottom. More data needed to be sure.
All in all, shorts are doing well in our discord group. Please feel free to join, link is in our bio. Going to start opening long positions on an alternative account from 6600-6400 and averaging them down if we drop lower.
As expected, we were rejected by the 7200-7500 zone and have headed back down to the 6600-6800 support zone, if we break this we have strong support at 6500 then 6400. If we fall through that we will fall to the 6000 double bottom, I believe we will see a strong bounce from there and we could possibly have a chance of breaking out of this long term down channel.
If we fall through 6k, we could be looking at a 4200 bottom. More data needed to be sure.
All in all, shorts are doing well in our discord group. Please feel free to join, link is in our bio. Going to start opening long positions on an alternative account from 6600-6400 and averaging them down if we drop lower.
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Look to be forming a wedge here wolves, could test the resistance once more before dropping to 6000-6400 zone, if we do break the wedge resistance, we will get rejected from the 7200-7500 zone before dropping to the 6400-6000 zone again.
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Alright wolves, we got the drop we were expecting, hope you all took some profit. However, the drop wasnt as big as we anticipated, we were stopped in our tracks by the new trendline formed within the wedge. The bounce off this line was quite strong, much stronger than anticipated and with the sudden surge in alts and market confidence, we could see the wedge resistance broken. IF you still have some positions open move the stop loss up close to the 7k mark around 7050-7100, although ultimately it is very likely we will get rejected from the 7200-7500 resistance zone It might be better to stop out at 7050-7100 and reopen once we have new data there.