A breakout without is almost always a fakeout of some sort. I'll repeat: A breakout without is almost some sort of a fakeout. Consider also the series of hidden divergences on the with lower highs on price but higher highs on . This usually means that price will continue generating lower highs.
Observe also the of #1 and that of #2. See how uncanny the Inverted pattern repeated almost exactly in #2 and the upward is nearly identical. I captured the capitulation price action bars of #1 and overlaid onto #2...hmm, very interesting.
Four months to the halving is a LONG TIME!! Can we get a lower low like $5.8k or $4.2k before the halving....YES!!
The youtube and twitter crypospheres are foaming at the mouth .....not a bear to be seen! Each youtube talking head is trying to outdo the prior BTC price projection...I beleive I've thus seen $350,000 target as being the highest for 2020. When sentiment leans too far to one side; I'd rather be lonely and alone on the other side.
So, I believe the bottom is probably NOT YET placed...not until I get to see a stunning red bar that stands tall above most other bars. Until then, this has strong potential of a fakeout and almost all have be enchanted by the pump, pump, pump into the halving chant. Afterall, the Stock to Flow is more infallible than the "Two Popes"! LOL!
I'd rather be cautious. To me, caution is cash and so have been selling into this rally that smells foul like a bull trap.
However, IF price can explode above teh 200 moving average and rise above the $10,370 and STAY there...then, I'll become a bull and await a correction to re-enter. Remember, BTC spends >85% of time correcting so if you feel you missed a run...never fear; a deep correction is always nearby; even in a bull market.
Message: BE CAUTIOUS!!