Okay folks, the big show is about to start! I've been watching this formation for the past week, knowing that we are in for either a massive pump and breakout, or a dump. At first I was 60/40, thinking that the evidence was showing breakout slightly more than dump. Then I thought it through and went to thinking it was a 50/50 chance. But with the break ABOVE the trend line, this throws my opinion in another direction. And no, it's not towards the breakout.
Notice the light red trend line above the top of the triangle. Do you see that the breakouts that happened before the current one are all respecting that line? Well I sure did this morning. This is what appears to me to be a fakeout move before a massive dump. I could be dead wrong, but it's the other indicators that support this view that have me convinced. First and foremost, it's the stochastic. We just did a "double hump camel top", where the stoch regained momentum and turned bullish after what appeared to be a reversal. Now we look to be headed in the southern direction, and I see much less of a chance for another reversal.
Secondly, do you see the volume cluster on the volume profile that is just above? That's at a price of roughly 10,714, which is currently the Point of Control for the trading activity that has transpired since September 21st. If we don't rally fast, the price line could head towards the lower volume profile cluster centered around 10,479. That's where it will get critical. If the pump does not happen by then, we're going to fall out of that triangle with a vengeance. Again, I could be dead wrong. But the setup is almost perfect for a dive to fill the CME gap. If volume stays moderately low like it is, I'm thinking we have the possibility of heading towards the CME gap.
But we all know that Bitcoin is not to be tamed! If institutional buyers are impatient, and ready to load up before the next bullish trend, that CME gap is going to be a goner. It could very well be the first time we don't fill the gap. So I'm just keeping a watchful eye on this as it develops, and enjoying the show. Whatever the case, we've already been given a PRIME opportunity to load up on altcoins before the next bullish trend. My goal is to load up NOW, before the REAL bull run happens in 2021. If we play this right, we'll be in a minority of people who had the good sense to jump on the opportunity while it was sitting in front of us, while the masses sat on their assssk me no more questions. Because I'm not a financial advisor. Didn't I tell you that this was for entertainment purposes only???
Carlton Flowers
Your CryptoPro
Notice the light red trend line above the top of the triangle. Do you see that the breakouts that happened before the current one are all respecting that line? Well I sure did this morning. This is what appears to me to be a fakeout move before a massive dump. I could be dead wrong, but it's the other indicators that support this view that have me convinced. First and foremost, it's the stochastic. We just did a "double hump camel top", where the stoch regained momentum and turned bullish after what appeared to be a reversal. Now we look to be headed in the southern direction, and I see much less of a chance for another reversal.
Secondly, do you see the volume cluster on the volume profile that is just above? That's at a price of roughly 10,714, which is currently the Point of Control for the trading activity that has transpired since September 21st. If we don't rally fast, the price line could head towards the lower volume profile cluster centered around 10,479. That's where it will get critical. If the pump does not happen by then, we're going to fall out of that triangle with a vengeance. Again, I could be dead wrong. But the setup is almost perfect for a dive to fill the CME gap. If volume stays moderately low like it is, I'm thinking we have the possibility of heading towards the CME gap.
But we all know that Bitcoin is not to be tamed! If institutional buyers are impatient, and ready to load up before the next bullish trend, that CME gap is going to be a goner. It could very well be the first time we don't fill the gap. So I'm just keeping a watchful eye on this as it develops, and enjoying the show. Whatever the case, we've already been given a PRIME opportunity to load up on altcoins before the next bullish trend. My goal is to load up NOW, before the REAL bull run happens in 2021. If we play this right, we'll be in a minority of people who had the good sense to jump on the opportunity while it was sitting in front of us, while the masses sat on their assssk me no more questions. Because I'm not a financial advisor. Didn't I tell you that this was for entertainment purposes only???
Carlton Flowers
Your CryptoPro