Price has reached a culmination point, but it has to drive back up to 44800 and establish strong support. There may be a bullish engulfing candle coming in to do this... (but also) sometimes the move can be very subtle as to not kick off the trading bots and attention of traders shorting. So be looking. I am neutral/ short until I see this.
If price fails anywhere below 44800 I would be very strong bearish as this is the bottom of a monster bearish pattern. Not all bearish patterns are bearish in bull cycles.
I previously thought we had a butterfly pattern, but price continued to waver down - its a bearish shark. Expect extreme price movement after a possible 44800 support. If there is no support at 44800 BTC could get ugly and go down to around 41k before another rally will begin and then it may be too late (if market gives up hope). This could be the last BULL hoorah for BTC to go long based upon the patterns developed out so far.... I am neutral until I can see a 44800 price hold.
The previous chart is linked... so anyone who wants to update their perspective - can do so.
If price fails anywhere below 44800 I would be very strong bearish as this is the bottom of a monster bearish pattern. Not all bearish patterns are bearish in bull cycles.
I previously thought we had a butterfly pattern, but price continued to waver down - its a bearish shark. Expect extreme price movement after a possible 44800 support. If there is no support at 44800 BTC could get ugly and go down to around 41k before another rally will begin and then it may be too late (if market gives up hope). This could be the last BULL hoorah for BTC to go long based upon the patterns developed out so far.... I am neutral until I can see a 44800 price hold.
The previous chart is linked... so anyone who wants to update their perspective - can do so.
Comment:
Another support point at 45800 would also be additional confirmation of higher prices in short term. Yet again expect sudden drops.. but anything below the target price of 44800 is bad IMO. There will be fakes/wicks/ etc.. so takes some nerve to stay in it and wait for confirmations. Use the higher time frames.
Comment:
Will have to get thru the resistance point just met 49k.. for higher highs.
Comment:
If 49K will not hold- SELL... this may get ugly if below 49K
Moorsc0de aka Crypt0nomics aka Zaphkiel
