OK People, here's my best estimate as to what MAY happen if BTC fails to break out North of this long established channel as many are expecting. I changed over to a line chart to take out all the pin highs and lows of the candle charts and smooth things out a bit. As you can see bit-coin is coming up against the upper resistance of the channel as well as the 50 and 100 EMA. IF rejected, I anticipate at least one more leg down. (Dotted white lines) Don't hold me to the exact path or price points of the dotted white lines as I only drew them as a visual place holder to complete the chart. If things break down again it should be more clear as to where these actual wave points might unfold. Most likely around support and resistance areas previously established.
Good luck and happy hunting!
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Thanks for the thumbs up. Maybe one day some of my ideas might actually float to the top. :)
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This stalled rise with a Head and Shoulder pattern playing out does not look very bullish to me.
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If the bulls can't hold $7,900 they are going to lose quite a bit of ground when the neck line of that pattern breaks south.
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lol - I guess they heard me. It looks like they are going to try to make a run for the upper side of the channel.
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Wrong chart. The is also a triangle at the top that needs to be resolved. North? South? Good possibility they break North and hit their heads on the top of the channel.
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Active Bears will short the hell out of that move......
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North it was. The expectation for the bear case is that the price be rejected again at the top of the channel and return to its southern course.
The bull case expectation is that the price will break this upper resistance level, perhaps bounce around awhile, but eventually start bounding to higher and higher prices.
I'm staying with the bear case until the price does, in fact, shatter this ceiling and prove it has what it takes to continue North.
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One more push and they should be able to tag the top of the channel. What happens after that is the question. My expectation is that the price will touch, perhaps even pin through, and then fall away again as scared longs get out and bears jump back in. Just a guess.....
I'm still holding tight waiting for a much better long entry.