BORED Waiting for Bitcoin Bird Beak Breakout - 2 Scenarios
I'm not impressed with this very small uptick that has YouTubers believing this is solid evidence for $100,000 Bitcoin breakout. But I must admit that BTC is making a huge Bird Beak. Some people might call this the "falling wedge". I say bird beak. And I think we will be bored to tears for a little while, as it finishes out the formation. But I'd like to share 2 possible scenarios that I see on my charts.
I've got 3 sets of fib circles that I am using for these two scenarios. The fib circle sets have been constructed as follows, and each critical line is indicated:
In scenario 2, I have BTC obeying the boundaries of the Bird Beak all the way to the pecking point, then breaking out to the upside. Why? Because we seem to have a point of confluence between each of the fib circle sets that I have laid out in this analysis, plus the fact that they are curiously close to the point of the Bird Beak. What happens next could be a bounce and rejection on the Blue 1.618 fib line and completion of the bear trend, or, it could end up being a continuation of the bullish move that has long since taken a break. I would say the highest probability for scenario 2 would be the latter, because we are pretty high in the "oversold" area of the RSI, and there is a crossover of the fast line and slow line. We're either close to the end of this mini run, or ready to pivot and change directions.
Will the fib circles continue to predict the pivot points like the old gypsy reading the tea leaves? Time will tell! We'll keep an eye!
I've got 3 sets of fib circles that I am using for these two scenarios. The fib circle sets have been constructed as follows, and each critical line is indicated:
- 1.618 Blue from November 9th, 2018 to June 22nd, 2018
4.618 Red from July 22nd, 2018 to December 12th, 2018
4.618 Light Blue from May 23rd, 2019 to June 26th, 2019
In scenario 2, I have BTC obeying the boundaries of the Bird Beak all the way to the pecking point, then breaking out to the upside. Why? Because we seem to have a point of confluence between each of the fib circle sets that I have laid out in this analysis, plus the fact that they are curiously close to the point of the Bird Beak. What happens next could be a bounce and rejection on the Blue 1.618 fib line and completion of the bear trend, or, it could end up being a continuation of the bullish move that has long since taken a break. I would say the highest probability for scenario 2 would be the latter, because we are pretty high in the "oversold" area of the RSI, and there is a crossover of the fast line and slow line. We're either close to the end of this mini run, or ready to pivot and change directions.
Will the fib circles continue to predict the pivot points like the old gypsy reading the tea leaves? Time will tell! We'll keep an eye!