Will try to write an analysis tomorrow, for now wanna keep it short. The target zone i mentioned around 10200/600 for the , is still in play. Targets can be turning points but doesn't need to be. Alts are pumping like crazy as well, which so far is good for the market, alts are stronger than the summer rally from a year ago even.
At the moment, bulls are keeping price at the high, but Bitcoin is lagging compared to alts, which is normally to so great. Used to happen in 2018 as well, first half year or so, but actually never again since. So is the market in the same hype mode as then, or is a trap being made?
On the left we can see what looks like a parabolic shape, not great, but could work for the bulls. Think not much room left though. Also, if it breaks up, it needs to be a good push, not just like 100 points to 10550/600, because then danger remains that it might be a final shake out of bears. So i think for the bulls, it's best to see a nice break of 10500ish, preferably not a wick up, but slightly slower, to take away the danger of a shake out wick as we have seen a million times before past 2 years. If the parabolic shape breaks, there are 2 support levels i see. Even if those break, could be a small drop like we had from the 10200 to 9800. Which could then become a buy the dip zone again. But if the dump becomes bigger and more violent, think the fun will be over for at least a week or maybe even 2.
So there is no denying the market is super strong, almost in 2018 hyper mode even (for alts at least). I am in general skeptical when things go too fast and without corrections or shake outs. But it is what it is for now, no use fighting it. As mentioned in a previous analysis past week, shorting the high is dangerous in a market like this, instead try to focus the big sizes for wave C (look it up if you don't understand it). Not much more to say to be honest. I am not seeing any clear signs yet to say we are headed for a big correction, also no TA pattern that says we are headed to much higher prices, except the with the target zone around 10200/600 (maybe a bit higher even). For the rest the market is simply very strong at the moment.
Could maybe even say the market will continue like this, up until we see alts make huge dumps, maybe not even Bitcoin (at first).
So parabolic shape was real and seen a push down. But so far nothing big yet, as i described above, so of course things looks a bit dangerous again, but the drop was not that big to say for sure we drop more. Very similar so far as the drop to 9800ish few days ago.
The blue line on the right, still keeping it there, because i believe it might still have value. So far the old wedge seems to be a magnet so far. So IMO, it will very likely become dangerous again if we drop back inside of it.
Think it's easy to say, the 9700 was a big support a week ago AND again few days ago, so that should be a key level for the bulls.
The blue line on the left is a guess, what bulls need to see coming hours. Some bounces, push backs from bulls. Instead of seeing a bear flag.