The way I see it, there are 3 possible scenarios.
1) (Orange line) BTC pulls back to the bottom of the green region of the pitchfork then dramatically moves higher with enough momentum to break out of the pitchfork and the green resistance line. This is what the moon boys dream about every night.
2) (Red Line) We are headed for a Super Bart. The 3k rally we had from 7.3k was another whale playing games again. Why do I say that? Take a look at the volume since November. It has dropped off significantly. The retail buyers are not in control and they are not buying. It is like someone has shot a model rocket into the air and it has gone up 3,000', reached its apogee and now is slowly descending. Unless it has a booster rocket to take it higher, it will come down. The fuel is spent. Expect it to hit the ground at 7.3k where it was launched from. This will complete the Super Bart formation. You know this has happened without even looking at the chart because you will hear the moon boys in the next room sobbing in their pillows. I expect the whale to push the price up to the near the top of the pitchfork before dropping it like a rock, to sucker in more retail buyers (bull trap).
3) (Blue Line) This is where it can get nasty. The whale uses the momentum of the fall from 9.2k and takes the price down to 6k or even lower. This is to shake out the bitcoin from the weak hands. It churns around here for the rest of the year in order to inflict as much mental anguish to the hodlr's as possible.
Summary:
Unless the price breaks out of the pitchfork, then forget about a breakout. Same goes for the green descending line that acts as resistance. Unless this happens, the moon boys might as well hibernate for the winter. Put an alarm on the green descending line to wake them up if something happens.
1) (Orange line) BTC pulls back to the bottom of the green region of the pitchfork then dramatically moves higher with enough momentum to break out of the pitchfork and the green resistance line. This is what the moon boys dream about every night.
2) (Red Line) We are headed for a Super Bart. The 3k rally we had from 7.3k was another whale playing games again. Why do I say that? Take a look at the volume since November. It has dropped off significantly. The retail buyers are not in control and they are not buying. It is like someone has shot a model rocket into the air and it has gone up 3,000', reached its apogee and now is slowly descending. Unless it has a booster rocket to take it higher, it will come down. The fuel is spent. Expect it to hit the ground at 7.3k where it was launched from. This will complete the Super Bart formation. You know this has happened without even looking at the chart because you will hear the moon boys in the next room sobbing in their pillows. I expect the whale to push the price up to the near the top of the pitchfork before dropping it like a rock, to sucker in more retail buyers (bull trap).
3) (Blue Line) This is where it can get nasty. The whale uses the momentum of the fall from 9.2k and takes the price down to 6k or even lower. This is to shake out the bitcoin from the weak hands. It churns around here for the rest of the year in order to inflict as much mental anguish to the hodlr's as possible.
Summary:
Unless the price breaks out of the pitchfork, then forget about a breakout. Same goes for the green descending line that acts as resistance. Unless this happens, the moon boys might as well hibernate for the winter. Put an alarm on the green descending line to wake them up if something happens.
