The Thin Red Line. BTC/USD

The Thin Red Line. BTC/USD

Well howdy doo y’all!

So I think it is safe to say that we will not be seeing a wave 5. With wave 4 overlapping with wave 1 and the tip of wave three confirming a strong resistance line between the highs of 24 Mar and 5 Mar I think that we are about to taste $6,000.

Not immediately of course. Right now we are getting some resistance at the $7,000 level, but I feel that we will not even get a bounce back from this recent drop due to sell pressure from the failing of wave 5 to launch. It will most likely ride that thin dotted red line it is floating around at the $7,000 mark then drop down to the $6,900 range and bounce between the two to complete the head and shoulders formation.

I think that after the completion of the head and shoulders we have nothing but too look forward to $6,400-$6,500 range.

Remember don't drink and trade...always ask someone to hold your beer first!

((Guide
Solid Lines: High Strength Support/Resistance
Small Dotted Lines: Medium Strength Support/ Resistance
Lines with Dash Marks: Low Strength Support/ Resistance
*White Dashed Line: Weak-Ass Punk Support/ Resistance
Red circles are points of interest as they have several intersecting supports and resistances))

Comment:

So It looks like we have hit smack-dab in the middle of that first point of interest. I was not 100% expecting it to drop that low; however, I wanted to make sure that it was highlighted as I felt the possibility was there.

Now all we need to do is move sideways a little more and touch $6,900 and we will be on target. I think that small push may come this morning with the U.S. waking up.

Comment:

So we hit $6,900 again in this 4h period. I feel that it is going to continue to move sideways for another couple of hours (2-6hrs). We are getting a fair amount of resistance from both sides as indicated from the long wicks at both ends. No major moves on volume and the RSI (using 14 and have shifted my ranges to 60-20) is sitting in the middle.