Welcome everyone to my simple rainbow analysis.
BTC is in a triangle with lower highs and higher lows at the moment and will break within a couple days, if not hours.
Yellow: We broke out but we aren't there yet. Lookout for the resistance that held BTC down since mid December. Also we will see the diagonal resistance soon which BTC didn't penetrate since the bear market started. This will be a critical decision point!
Green: This means we broke through the diagonal resistance and more people will start being bullish. I think if this happens, we could see a retest of the overhead 6000 resistance. For now that's a long way to go!
Orange: Mostly neutral and indecisive. If price drops from yellow to orange, this means bearish for me. If it comes out of the red, it could be bullish but mostly neutral. I would watch out for the diagonal resistance again!
Red: Personally i think this is the way we'll go eventually, but i could be wrong. Would be very bearish and opening shorts until we hit the support at around 3200.
Dark Red: We're fucked. We'll see new lows.
Blue: It would be nice to see the diagonal resistance broken. I would turn my bearish view into more neutral. I think we will have seen the bottom at 3200 if we keep a long time in this price range.
BTC is in a triangle with lower highs and higher lows at the moment and will break within a couple days, if not hours.
Yellow: We broke out but we aren't there yet. Lookout for the resistance that held BTC down since mid December. Also we will see the diagonal resistance soon which BTC didn't penetrate since the bear market started. This will be a critical decision point!
Green: This means we broke through the diagonal resistance and more people will start being bullish. I think if this happens, we could see a retest of the overhead 6000 resistance. For now that's a long way to go!
Orange: Mostly neutral and indecisive. If price drops from yellow to orange, this means bearish for me. If it comes out of the red, it could be bullish but mostly neutral. I would watch out for the diagonal resistance again!
Red: Personally i think this is the way we'll go eventually, but i could be wrong. Would be very bearish and opening shorts until we hit the support at around 3200.
Dark Red: We're fucked. We'll see new lows.
Blue: It would be nice to see the diagonal resistance broken. I would turn my bearish view into more neutral. I think we will have seen the bottom at 3200 if we keep a long time in this price range.
Comment:
Yellow it is! I'm long since breakout but have a stop-loss set with 0%profit/loss. Don't trust the long yet
And noticed the image was a bit of, here's a better one.