With all the giant arrows pointing either upwards or downwards, what if BTC surprises us with boringness/sideways action?
Quite similar to 2016 when BTC did these longer plateau phases after every runup.
The daily MA200 is rising, already at 6400, we also have strong volume profile supports at 8.1k and 6.4k.
If BTC doesn't push on soon, then the gold fractal will be ruled out, and BTC will go for the slower route.
In this case we might get these months with boring sideway action, but BTC could cool off for the next push.
In this case, new ATHs would start in 2020, not in 2019.
It will be interesting to see which route BTC will take.
This will be akin to the medium route as drawn in my previous chart, leading to a 100k target in mid 2020.
Quite similar to 2016 when BTC did these longer plateau phases after every runup.
The daily MA200 is rising, already at 6400, we also have strong volume profile supports at 8.1k and 6.4k.
If BTC doesn't push on soon, then the gold fractal will be ruled out, and BTC will go for the slower route.
In this case we might get these months with boring sideway action, but BTC could cool off for the next push.
In this case, new ATHs would start in 2020, not in 2019.
It will be interesting to see which route BTC will take.
This will be akin to the medium route as drawn in my previous chart, leading to a 100k target in mid 2020.
Comment:
This market is currently so insanely boring, that it's really hard to update something or come up with new ideas. I'll update when I see something interesting, but currently the most realistic scenario is sideways for a while longer. Sideways of course means in the corridor 9 to 10k.
Comment:
There is a bit of pumping going on, but as long as we are under the 1d upper bband, I still favor the sideways scenario:
The upper daily bband is at 11k.
If it pushes further above, then we might see the rally resume.
But this might be just a correction move to 11k, then back to 9k-ish again,
doing this long sideways action.
We'll soon see.
The upper daily bband is at 11k.
If it pushes further above, then we might see the rally resume.
But this might be just a correction move to 11k, then back to 9k-ish again,
doing this long sideways action.
We'll soon see.