Going on a trip in our favorite rocket ship!
Has $BTC finished pricing in the ETF decision? I think not. I see a lot of calls for a drop in price in order to complete "correction" but not all corrections are diagonal some are are horizontal as the price oscillates between support and resistance, and this is what $BTC is currently doing.
Examining Bullish Signs:
$BTC is looking extremely bullish. Failure of ichi breakout on 1 hour would result in the price dropping into the cloud on 2 hour but it's safe to say there is a lot of support in the cloud due to the thickness. I'd expect a drop no lower than $7000. Breakout of resistance would result in a rapid rise to test the $7800 - $8000 resistance level.
Examining Bullish Signs:
- Yesterday $BTC had a false resistance breakout and closed below the resistance at which point it immediately began to drop and retested the support zone from the low of 7/18. Since the drop it has entered an upward channel shown by the regression channel which is a positive sign of bulls ready to support the price and move it back upwards. If price can stay in the channel or break above it we will see a retest of the resistance line. Price can only test resistance but so many times before busting through. Outlined we can see the number of resistance test are greater than support tests. She wants to break above.
- For the next 9 hours the ichi cloud is thin allowing BTC easy break above the cloud. Although the cloud begins to thicken there after. She's already knocking on the cloud wanting to break above. Its safe to say that if we can't break above in the coming hours we will see a lot of resistance and push back to test the support zone. Breakout above the 1 hour cloud is currently being resisted by the 30min cloud.
- The MAMA ( Mesa Adaptive Moving Average, in lime green) is showing potential of reversal and crossover of the MAMA and FAMA lines. The thinness of the MAMA is a positive sign of weakness from yesterdays drop. A cross of the MAMA in the next hours is a bullish sign and coupled with an ichi cloud break would make this even sweeter.
- Lastly looking at the larger 2 hour and 4 hour period. The price has beautifully held above the 2 hour ichi cloud and has begun to climb right above it. The cloud thickness is in our favor which shows strong support for the price in this zone.
$BTC is looking extremely bullish. Failure of ichi breakout on 1 hour would result in the price dropping into the cloud on 2 hour but it's safe to say there is a lot of support in the cloud due to the thickness. I'd expect a drop no lower than $7000. Breakout of resistance would result in a rapid rise to test the $7800 - $8000 resistance level.
Comment:
I also want to throw in that on the 4 hour the bollinger width has flatened out which is a sign of volatility decrease. Volatility needs release in either direction but based off bullish signs the volatility release imo is upwards.
Comment:
Long wick on the last hour that fell below our channel. This would be a poor sign that the resistance will not break but the price got pushed right back up at the same rate that it got pushed down. Bulls remain strong.
I've been eyeing order book on coinbase and resistance has accumulated at 7450 which we'll be entering in the next couple hours. I'd love to see the price remain lateral over the weekend which would squeeze the volatility for a larger release next week.
I've been eyeing order book on coinbase and resistance has accumulated at 7450 which we'll be entering in the next couple hours. I'd love to see the price remain lateral over the weekend which would squeeze the volatility for a larger release next week.
