johnrfraser

Avalanche territory...

BITSTAMP:BTCUSD   Bitcoin / Dollar
177 4 5
Tiny volumes tell me everyone is standing by the sidelines waiting to see what's going to happen.
Sort of like a mass of snow clinging to a giant mountain...waiting to find out if the layer beneath is sound or if its going give way.
This is what that looks like to me
snapshot
+1 Reply
Wow. Nice perspective, thank you.
So the Log support doesn't last forever, so we embrace the breach when it happens? But not yet?
According to this, we're on the nasty side of the long term support already...does your 1Day show a breach already? I have a version of your previous post https://www.tradingview.com/e/V4PAEgyp/ showing it has. My 1D shows a breach too. Surely that will carry mass negative sentiment?
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Low Pro johnrfraser
Mine shows that trend currently at $600
snapshot


But who knows... We might break down with this. I hope not, but there just seems to be a ton of good news rolling out lately, and every significant bear market to date has be due to bad news of which we don't have...

Like you said though, I do think there are a lot of people on the sidelines waiting for a go signal either way.
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Yes, I have a 'last ditch line' at just under 600 too
snapshot

So a bid just above 600 a fairly good bet? As it hits psychological level as well as long term support?
What signals can you recommend to not miss the boat if it takes off out of the blue from here?
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