Based on my analysis: I think the bull up move is now compromised. In my previous idea, I've drawn a tight range (channel) where the price was orbiting. It is a ceiling in fact, a real resistance zone.
I think there is 15-25% chance that the price will keep on going up strongly. It's really pessimistic in my opinion. Let me tell you why.
Point 1: (BULLS score +1) : --------------------------------
In the S4W Mirror indicator, the last green hill is still above the current running red hill. but how long will it last? Not that long I think.
Point 2: (BEARS score +1) : --------------------------------
a) There seems to be a large head and shoulders pattern that is forming. I've put some circle on graph to show it. that is really early to tell for sure though, but it'll be a flat pattern if it would occur.
b) In my previous idea, I was describing a local forming head and shoulders pattern. This one seems to still be forming. But price must move up to 6550 then drop again. In that case, we will face a price drop to 6K or even less.
Point 3: (BEARS score +1) : --------------------------------
Look at the box I've drawn in the S4W Horizon indicator:
a) The orange line finally moved above horizon (above zero)
b) Yellow line crosses under the purple one, and the purple one is thick and descending regularly.
c) point 3/a and point 3/b are occurring nearly at the same time, which has potency for a price reversal.
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Guys take this has a PRE-Analysis. I just wanted to show you the market temperature to my opinion. The dark knight of bear rises!
Price will go up a bit first, it's the key-point to the forming patterns. but if the S4W Horizon indicator has more weight than I thought, the price should drop down fast, even before reaching the last shoulder level (6550). Time will tell
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PS: Don't take my words for granted. Analyze, re-analyze, then trade at your own risks.
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As I stated about it was a pre-analysis. And the Head&Shoulders pattern didn't occur.
We can see everything has slowed down, as seen in S4W mirror/Stop indicator (from graph capture above).
When hills are forming and dying in the gray band (S4W mirror/stop indicator), it's sure for me, to keep waiting, and doing nothing.
Since no rally will occur while in that area.
The last red hill is stronger than the green hill, and also a big "kind of hammer" candle is seen on graph, meaning altogether, the price may fall down.
But not that of a huge fall.
In a more interesting situation, I'll post a full idea. it's not the case yet. For me Bitcoin is sleeping right now. There's no real trigger to make it move up nor move down yet..
Atemak
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Is there a peace treaty between Bears and bulls? Price is moving too softly.
Anyway, I have found another key level : a support level around 6500 (orange line). It corresponds to a FIBO 0.618 level. I didn't trace the Fibonacci on my graph capture here for simply city.
As I stated about it was a pre-analysis. And the Head&Shoulders pattern didn't occur.
We can see everything has slowed down, as seen in S4W mirror/Stop indicator (from graph capture above).
When hills are forming and dying in the gray band (S4W mirror/stop indicator), it's sure for me, to keep waiting, and doing nothing.
Since no rally will occur while in that area.
The last red hill is stronger than the green hill, and also a big "kind of hammer" candle is seen on graph, meaning altogether, the price may fall down.
But not that of a huge fall.
In a more interesting situation, I'll post a full idea. it's not the case yet. For me Bitcoin is sleeping right now. There's no real trigger to make it move up nor move down yet..