There has been a few enquires on how much further price action will fall. I don’t know. However I'm a data scientist and that means I like looking for patterns.
There’s a lot interesting confluence at the moment at the same time most of tradingview.com is publishing “short” ideas and yet from a quick scan of the ideas shared I've not seen many ask the question:
Why was price action arrested just shy of sixty thousand dollars?
On the above daily chart two flag patterns are shown. Actually I should say one, because there is some very intriguing facts about those flags, and that is:
1) The angle of each flag is exactly the same, 172 degrees. In other words the candlestick touch points of the previous flag are mirrored by the second without deviation. Coincidence?
2) Lower test points, exactly 42 bars part. From the first to the last exactly 42 days came to pass. And what is the answer to the ultimate question of life, the universe, and everything is?
42
3) If the same touchpoint theory is used for the upper touch points then price action breaks out of the upper flag around May 10th to continue its journey to $110-120k.
Ww
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PS: Why the angles do not align on the published chart like they do on my own, I don't know. But they do.
Trade active
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Price action confirms 42 is indeed the answer to the ultimate question of life, the universe , and everything.
Perhaps you have noticed as I have done that with every dip sellers move price action below 62k a spike in demand is seen. This occurs at the same time as I listen and read messages of "Wait for 52-55k first"
I'm having that "Wait for 10k first" Deja-vu all over again.
very intriguing pattern, I am really excited to see how it plays out and I definitely agree with you
OG_cRoW
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Agree 100%, if the flag pole clone on log scale will work, we can see BTC at 114k (approx) in the first days of June :)
dubk
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JPMorgan Chase ( world largest bank - 551 billion $ market cap) and Wells Fargo (4-th largest bank - 208 billion $ market cap) has exposure to Bitcoin ETF-s. Wells Fargo has 143 million $ in BTC ETF/s. If you think that they are telling this to the world because of good intensions - :-), they are obligatory until 15.5.2024. to do 13-F fillings ( required disclosure of positions by security by institutions). So, this is pretty important news because banks are most conservative institutions with risk management ( at least they should be). In meantime, retail investors are panicking and selling on red days - bussiness as usual....
without_worries
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@dubk, Reset the system, give everyone on the planet $1 tomorrow. I guarantee you there'll be bankrupt and filthy rich people by the end of the month. Not because the fifthly rich are evil, they just respect holding value.
dubk
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Interesting day was 3.5.2024. - all BTC ETF/s bought combined 6.124 BTC Most interesting is that Grayscale after 4 months of selling BTC ( they sold 328.000 BTC) - on Friday bought 1020 BTC...
MyCryptoParadise_Nathan
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interesting insights
bubblyChile14062
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Interesting idea but one characteristic of the shakeout is scaring traders which often leads to oversold rsi. But here I cannot see any serious fear so far among traders.
without_worries
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@bubblyChile14062, From my perspective an RSI diving below 30 in such a short space of time is a strong long signal. This will be the 3rd time we've seen RSI fall this low in this bull market before a large upside move. A golden opportunity.
18hr
bubblyChile14062
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I am thinking of something like the first drop (possible wave 2) that rsi went to red region. I believe what we are at is wave 4 which based on fib time span would last till June but the first phase would be done around may 10th. If btc go high from here then I was wrong but if a more serious drop happens I expect 42-45k. (Not 50-52k for sure)
without_worries
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@bubblyChile14062, You'd need to show me on a chart, I'm not certain what waves you refer.