This is exciting! The new all-powerful Light Blue 1.618 fib circle ring is calling the shots with amazing accuracy as of this moment. The last five 4-hour candles are ALL stuck on the 1.618 line, thus confirming its magical powers. I got lucky on this one, and it doesn't happen like this all the time. But after constructing this fib circle set a day before, after deciding that there was a need to create an alternate set with the same ending point as the Dark Green fib rings, I was pretty excited to see that this was the proper range to predict the future movement.
The biggest news of the chart movements is the double top we are now seeing. Price peaked at roughly $9,197 on January 18th, and we have a red candle that peaked at roughly $9,191 on January 28th early in the day creating a double to with a slightly lower second peak. This type of formation typically indicates continued downward movement. We are now 4 candles in since the 2nd peak, and they are all declining. Plus, it looks like the stochastic has clearly peaked, with a crossover of the fast and slow lines, and is headed down out of overbought territory. That's additional confirmation.
But look at the volume. As I said before, volume has been SUPER WEAK. When we see these micro rips to the up-side on relatively insignificant volume, there's nothing justifying the move. When that happens, it's time to grip the handlebars because we could be headed downhill fast.
Last but certainly not least, I have a video update! It has been a few months since I have posted a CryptoPro video analysis, and I apologize for that. But I uploaded a new video for you last night at 1AM, and for some reason, it took HOURS for the upload to complete. I don't know what is up with YouTube, but since right before Christmas, video uploads take FOREVER to post. Hit the link below and see my expanded analysis and listen to my thoughts on why I am STILL not convinced we have broken free from the Bear Market.
VIDEO: "Bitcoin Makes Significant Pivot"
Thanks for checking it out, and please share your thoughts!
Carlton Flowers
The CryptoPro
The biggest news of the chart movements is the double top we are now seeing. Price peaked at roughly $9,197 on January 18th, and we have a red candle that peaked at roughly $9,191 on January 28th early in the day creating a double to with a slightly lower second peak. This type of formation typically indicates continued downward movement. We are now 4 candles in since the 2nd peak, and they are all declining. Plus, it looks like the stochastic has clearly peaked, with a crossover of the fast and slow lines, and is headed down out of overbought territory. That's additional confirmation.
But look at the volume. As I said before, volume has been SUPER WEAK. When we see these micro rips to the up-side on relatively insignificant volume, there's nothing justifying the move. When that happens, it's time to grip the handlebars because we could be headed downhill fast.
Last but certainly not least, I have a video update! It has been a few months since I have posted a CryptoPro video analysis, and I apologize for that. But I uploaded a new video for you last night at 1AM, and for some reason, it took HOURS for the upload to complete. I don't know what is up with YouTube, but since right before Christmas, video uploads take FOREVER to post. Hit the link below and see my expanded analysis and listen to my thoughts on why I am STILL not convinced we have broken free from the Bear Market.
VIDEO: "Bitcoin Makes Significant Pivot"
Thanks for checking it out, and please share your thoughts!
Carlton Flowers
The CryptoPro