Chart looks ugly at first glance! This is what the Illuminati want you to think :P
Looking at it more closely, I see several potentially bullish indicators:
1. The 14K peak marked the end of a three wave drive. The first two waves had bullish consolidation that lasted about 27 days, followed by 10 days to break to the upside. We're approaching day 27 tomorrow, I believe, from the 14K peak.
2. On this wave, the consolidation looks like a beautiful ABCD, which COULD indicate that the 12345 wave is but the first wave in a larger series of waves.
3. You can observe bullish divergence on the indicator after the first two waves. The WT Osc indicator still needs to dip a tad more on the third wave, but if I'm right, we could wrap this up by tomorrow and begin our descent.
Nonetheless, this could all be invalidated if we break below point D. Not actively trading right now, just watching and observing.
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Oh yeah, Bakkt opened today for testing I believe. Big deal!
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Decision time!
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Brokeout out of downtrend on indicator- bullish
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OK looks like this played out as predicted. Next question, the biggest question- do we break through 14K and shoot straight for the ATH or do we ping pong sideways until the halvening?
Keep it simple:
1) BTC Daily chart- strong accumulation.
2) Follow the MACD momentum (crosses up & down) on the daily chart and you will avoid being whipsawed and make your tax preparer happy ;-)
BitcoinGLP
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Battle at psychological $10,000. Looks to want to go lower.
Captain_Falcon
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@BitcoinGLP, We're at a possible final shoulder for an iH&S, and RSI is starting to pivot upward, I'm a bull here
1) BTC Daily chart- strong accumulation.
2) Follow the MACD momentum (crosses up & down) on the daily chart and you will avoid being whipsawed and make your tax preparer happy ;-)