I hate to say it as I'm tired of hearing it...'head an shoulders formation' is in play. I placed those arrows on the trend lines a day before the touch on the first one and the second set early morning today when we were down in the trough. Well this thing is respecting some trendlines and we have quite a few as resistance (red). That yellow line marks the H & S base. Which I think we will power through here in a bit. Wish this bad boy would move back into that upper channel it was trading in last night. Its a means to an end but at least we get movement. I am of the opinion this powers through our resistance up to 10K where the real resistance lies. Then we see what BTC is made of. I think the contracts expiration for CBOE (14th) then gets us through that area, and us longs have a good valentines day with our ladies/fellas. I've trained my wife out of that stuff so good luck to the rest of you. So happy training and stay frosty, as we are by no means out of the woods. However, every passing hour and higher low makes me think we may be getting there.
Comment
⋅
On the opposite side of the coin if we trade sideways for a bit we could penetrate that trendline and then get beat back below it by that fib hanging right above it.