Going on a trip on our favorite rocket ship! Pt. III
Hello everyone! What a day BTC had yesterday! We broke the ichi cloud and found ourselves in the "dead man" zone between the cloud and the resistance zone. We saw a flash dump falling back in the cloud but supported excellently inside the cloud and rallied back upwards breaking through past all resistance straight up to the next major resistance zone of $7800-8000. Let's take a look at what's happening for BTC and the market.
If you thought we were in a sticky situation last couple days, we're now really with our back against the wall. Why? Well, BTC is currently sitting at the brink of the psychological $8000 which has served as resistance in multiple occasions in the past. This zone also happens to coincide with the top resistance of the larger falling wedge pattern on the daily (solid red line drawn), ranging back from ath in December. So this zone is clearly a double whammy of resistance. If we break this zone we moon. If we fail this zone I don't think we'll fall all the way to the bottom of the wedge but a price drop is expected allowing some of the pressure to be released. A drop to the $6800-$7000 would allow bulls to rally and regain some momentum to comeback and retest out of the resistance as im sure a lot of hands would be washed out from the price drop.
I'm still bullish that we can break through this zone this week. Shown is the ghost pattern mirroring the candlesticks from back 7/16-7/17. The current candles are forming the same consolidation pattern which makes me believe that solid attempt will be made to push through the zone. Based off the previous move from 7/16 I am anticipating a drop from current level before attempting the resistance zone. I foresee a potential drop to the $7600 supporting right above the 1 hour cloud and at the top of the falling wedge (solid red line). From here the price will rally as bulls take over to attempt the resistance zone.
I'm well into profit so I'm willing to take some risk on this move and will not wait for confirmation of breakout. I'm a believer in the how the market likes to price in announcements up until the week of the announcement. I know many people are not confident that the ETF will be approved, but from what i've been seen the shift in sentiment, the increasing news presence, coupled with the decisions coming with regards to Crypto ads from the big companies we could really see huge price movement up to $10k prior to ETF.
If you thought we were in a sticky situation last couple days, we're now really with our back against the wall. Why? Well, BTC is currently sitting at the brink of the psychological $8000 which has served as resistance in multiple occasions in the past. This zone also happens to coincide with the top resistance of the larger falling wedge pattern on the daily (solid red line drawn), ranging back from ath in December. So this zone is clearly a double whammy of resistance. If we break this zone we moon. If we fail this zone I don't think we'll fall all the way to the bottom of the wedge but a price drop is expected allowing some of the pressure to be released. A drop to the $6800-$7000 would allow bulls to rally and regain some momentum to comeback and retest out of the resistance as im sure a lot of hands would be washed out from the price drop.
I'm still bullish that we can break through this zone this week. Shown is the ghost pattern mirroring the candlesticks from back 7/16-7/17. The current candles are forming the same consolidation pattern which makes me believe that solid attempt will be made to push through the zone. Based off the previous move from 7/16 I am anticipating a drop from current level before attempting the resistance zone. I foresee a potential drop to the $7600 supporting right above the 1 hour cloud and at the top of the falling wedge (solid red line). From here the price will rally as bulls take over to attempt the resistance zone.
I'm well into profit so I'm willing to take some risk on this move and will not wait for confirmation of breakout. I'm a believer in the how the market likes to price in announcements up until the week of the announcement. I know many people are not confident that the ETF will be approved, but from what i've been seen the shift in sentiment, the increasing news presence, coupled with the decisions coming with regards to Crypto ads from the big companies we could really see huge price movement up to $10k prior to ETF.
