This is the ugliest most nonsensical chart I have seen in ages. I mean, what is this random crap that BTC has been printing over the last couple of weeks? Nothing about this price line gives any evidence that natural trading is going on. But check this out... go back to August 6th and look at the action through August the 10th. Do you see some similarity? I sure do. And while all of the nut jobs on YouTube are seeing "Bull Flags" and "Ascending Triangles" in this slop of a chart, I see a variation of the same pattern that ended with a DROP.
Isn't it also interesting that the last time we saw this weird pattern that it was also trading above the parallel channel, and in the same frequency? I think it's uncanny. Now that we have the extension of the parallel trading channel in light purple just above the light yellow, we are catching more trading action happening within very precise boundaries. I fully realize there are a lot of valid opinions out there, but what evidence do we have since August the 6th that there is anything bullish about this price line? Call me blind, but I see a CLEAR DOWNTREND.
If that's not good enough, back it up all the way to June 26th. What do you see? A CLEAR DOWNTREND CHANNEL. Where are all of the bullish indicators that the famous YouTube prognosticators are talking about? I don't see them. But time after time, one after another, the "experts" have been calling for major breakouts since June 26th and they have failed each and every time. The only thing they've gotten right is being wrong 100% of the time.
Something else that I notice is that all of the so-called experts would always give breakout targets in the range of $14,000 to $20,000. Maybe I'm wrong, but how is that a very bullish breakout when our 2017 ATH was $19,000? When we hit the TRUE bull run, any price ceiling in the range of the 2017 action is going to get SMASHED through the roof with a velocity that will keep all of our heads spinning for years. As things go according to scale, we're going to see a run that takes us into the $100k to $150k range... or higher. It's not going to be anything like these micro breakouts and miniature "bull runs" that everyone has been getting so excited about this summer.
Okay... pardon the rant, on to the analysis.
We are coming up on the magic purple 3.618 fib circle boundary line. I expect a pivot. But we could end up seeing more side banding like we did after crossing the 2.618. Keep in mind, we could see a repeat of what happened on August 13th when the last similar pattern took the nose dive at the end of the weird sloppy price action. Whatever the case, it looks to me like we will continue to trade in this bearish channel for now. It's possible this could continue into the fall, or even early winter. It is also possible that we could have a REAL breakout, and start the next massive bull run within the next couple of months.
For now, let's watch the magical purple 3.618 and see what BTC decides to do as it crosses the boundary.
Carlton Flowers
The CryptoPro
p.s. Video coming soon, and it's going to be an epic rant
Isn't it also interesting that the last time we saw this weird pattern that it was also trading above the parallel channel, and in the same frequency? I think it's uncanny. Now that we have the extension of the parallel trading channel in light purple just above the light yellow, we are catching more trading action happening within very precise boundaries. I fully realize there are a lot of valid opinions out there, but what evidence do we have since August the 6th that there is anything bullish about this price line? Call me blind, but I see a CLEAR DOWNTREND.
If that's not good enough, back it up all the way to June 26th. What do you see? A CLEAR DOWNTREND CHANNEL. Where are all of the bullish indicators that the famous YouTube prognosticators are talking about? I don't see them. But time after time, one after another, the "experts" have been calling for major breakouts since June 26th and they have failed each and every time. The only thing they've gotten right is being wrong 100% of the time.
Something else that I notice is that all of the so-called experts would always give breakout targets in the range of $14,000 to $20,000. Maybe I'm wrong, but how is that a very bullish breakout when our 2017 ATH was $19,000? When we hit the TRUE bull run, any price ceiling in the range of the 2017 action is going to get SMASHED through the roof with a velocity that will keep all of our heads spinning for years. As things go according to scale, we're going to see a run that takes us into the $100k to $150k range... or higher. It's not going to be anything like these micro breakouts and miniature "bull runs" that everyone has been getting so excited about this summer.
Okay... pardon the rant, on to the analysis.
We are coming up on the magic purple 3.618 fib circle boundary line. I expect a pivot. But we could end up seeing more side banding like we did after crossing the 2.618. Keep in mind, we could see a repeat of what happened on August 13th when the last similar pattern took the nose dive at the end of the weird sloppy price action. Whatever the case, it looks to me like we will continue to trade in this bearish channel for now. It's possible this could continue into the fall, or even early winter. It is also possible that we could have a REAL breakout, and start the next massive bull run within the next couple of months.
For now, let's watch the magical purple 3.618 and see what BTC decides to do as it crosses the boundary.
Carlton Flowers
The CryptoPro
p.s. Video coming soon, and it's going to be an epic rant