Warning - Possible Hard Pivot & Correction At Critical Point
This is more of a "heads-up" rather than a warning. I can't predict the future. But I can tell when there is a possibility of a hard pivot to either direction. As we know, the Supernatural Light Blue 2.618 Fib Circle has exuded its mysterious power on the BTC price line for the past 7 days. And we also are aware of the fact that the magical Light Blue 1.618 caused the price to stick to it for 24 hours on January the 28th before it broke through and moved on to the right. That's why I'm throwing you this heads-up about a possible pivot.
The BTC price is shooting up towards the Light Blue 2.618 again. It looks like it will intersect the line somewhere around $9900. THREE TIMES this ring acted as support. TWO TIMES it acted as resistance. IF the stochastic rises un-proportionately to the price gain, I think we are going to experience the 3rd time we meet up with the 2.618 as resistance. If the stochastic stays in the middle ground, and does NOT rise above the overbought boundary line before the price hits the $9900 level, there's a good possibility that BTC will blow through the Light Blue 2.618 and continue gaining.
But there is one indicator that we cannot ignore... it's the lower-low that we just posted on the 17th of February (indicated by the red arrow). We closed that candle well below the previous higher low on February 11th (indicated by the green arrow). Posting a lower-low doesn't ALWAYS mean that we are going to reverse and start a down trend, but when combined with other indications, it's best to at least respect the possibility.
Who knows... BTC might blow right through the Light Blue 2.618. But if it meets up as resistance, we need to be watching where the next low is posted. If a 3rd lower-low is next up on the chart, I think we need to consider the slight possibility that the bearish trend has not completed. This could be a simple swing channel to the up side within the bearish overall movement. It could also be a slight healthy correction before the next massive run. I think it's 50/50 right now. One thing I would say is that we have had enough time elapse for the possibility that the bull market could be starting. We can't discount that fact.
So let's keep our eyes plastered on the chart while we sit here in limbo-land, and at least take note of this possible pivot even though it could be just a minor micro correction.
Don't make trades on what I run my yap about. It's too dangerous. This is entertainment.
Carlton Flowers
The CryptoPro
The BTC price is shooting up towards the Light Blue 2.618 again. It looks like it will intersect the line somewhere around $9900. THREE TIMES this ring acted as support. TWO TIMES it acted as resistance. IF the stochastic rises un-proportionately to the price gain, I think we are going to experience the 3rd time we meet up with the 2.618 as resistance. If the stochastic stays in the middle ground, and does NOT rise above the overbought boundary line before the price hits the $9900 level, there's a good possibility that BTC will blow through the Light Blue 2.618 and continue gaining.
But there is one indicator that we cannot ignore... it's the lower-low that we just posted on the 17th of February (indicated by the red arrow). We closed that candle well below the previous higher low on February 11th (indicated by the green arrow). Posting a lower-low doesn't ALWAYS mean that we are going to reverse and start a down trend, but when combined with other indications, it's best to at least respect the possibility.
Who knows... BTC might blow right through the Light Blue 2.618. But if it meets up as resistance, we need to be watching where the next low is posted. If a 3rd lower-low is next up on the chart, I think we need to consider the slight possibility that the bearish trend has not completed. This could be a simple swing channel to the up side within the bearish overall movement. It could also be a slight healthy correction before the next massive run. I think it's 50/50 right now. One thing I would say is that we have had enough time elapse for the possibility that the bull market could be starting. We can't discount that fact.
So let's keep our eyes plastered on the chart while we sit here in limbo-land, and at least take note of this possible pivot even though it could be just a minor micro correction.
Don't make trades on what I run my yap about. It's too dangerous. This is entertainment.
Carlton Flowers
The CryptoPro