If rejected again at 49.8k we will retest lower supports. Low volume means we don't see a big swing, and not enough to break above and hold over 50k like we would need avoid this H&S from forming. Holding is going to be better than betting on volume this low.
we did in fact fail again this evening... looking for 42k or a bit lower to test the base of the last bullflag breakout
Daxxone
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@roadwarriorchef, Hope of 42k seems a bit bearish. IT's possible, but the possibility is slimmer ever day we go higher. My next chart shows we would get to a breakout and sit above a new trend line coming from the bottom of the dip. Each step up is another level of support keeping us from 42k. 1D MACD is still in a dip and hasn't crossed over, so we could still get a good drop, but 42k is really hard to reach now.
roadwarriorchef
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@Daxxone, hey man I hope you are right. I have funds and orders set to buy at these prices, but I can scale in at higher prices. I do think the structure would be a lot healthier if we showed some real consolidation at these levels as we have left behind a lot of support that we have never retested... 20k, 28k, 32k (retested but no consolidation), 36k, 40k (retested 43.8 but no real consolidation). At the end of the day I want healthy BTC that can rip just like the rest of us
Daxxone
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@roadwarriorchef, I hope so too. I'm new to looking at charts, and what I've learned so far is stocks are a different kind of market, and BTC doesn't always behave the same. To me BTC seems to be on a path to a high we won't understand and level off after a pull back, and the pull back isn't going to be as deep as what you'd see in normal stock, as speculation is only part of the whole picture for any crypto. Farther down the road, BTC will need to evolve or loose the top slot to a crypto system that is evolved. Peak will be late spring, pull back early fall, and next year we see a new crypto king rising up. Maybe?
roadwarriorchef
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@Daxxone, the people I follow, Ivan on Tech, benjamin cowan, bitboy, steve from crypto crew university on youtube think the peak in fall, bear market the bulk of 2022, then a slow steady grind up again peaking again in 2025...
Daxxone
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@roadwarriorchef, They talk about the news with the big companies like PayPal, Master and others moving into crypto and taking it mainstream?
roadwarriorchef
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@Daxxone, Ben and steve are purely ta... Ivan and bitboy more fundamentals and news, but yes stuff like that. its vry important to stay up to date on what going on.. this space moves very quickly