Ignore all of the fancy lines on this chart, and just focus on this new parallel trading channel that I have delineated on the chart. What does the overall trend look like from this perspective? Does this view cast a little bit of doubt on the whole idea of the bull market starting? If this was the only perspective you had right now, would you believe all of the "experts" on YouTube right now that are sounding the alarms that we are about to start another run that breaks us into the next major levels of Bitcoin? Or does it give the impression that we are still stuck in the the same macro downtrend?
I don't have any idea of what is going to happen at this point. The one good indication we have on this chart right now that BTC won't continue the plummet is the positioning of the stochastic on the 1-day chart. We are CLEARLY in the oversold territory, which tells us that we should expect a good bounce to the up side soon. But how far will the next positive stochastic wave bring up the price? What I notice here is that every major stochastic peak is bringing a diminishing return on the price line.
The most recent stochastic peak brought us to an exciting price of $10,500. But that's still a lower low within this overall channel. I would be looking for a price that would smash the highest point of $13,900 before being convinced that the bear market is over. Until then, all of the grandiose predictions coming from the expert prognosticators is background noise. I'm turning a deaf ear to all of the talk of bull market until we get a stochastic peak that drives Bitcoin above that first high point. The majority of the YouTube Jockeys got it wrong, as usual, claiming that the recent swing channel on the micro level was an overall bullish trend, when the chart clearly shows that we are still in the midst of what could be the overall bearish trading channel.
I'm going to stick with the fact that NOBODY knows what will happen next. What I've been saying for the past year is that we have never ever seen Bitcoin circumvent the ever-lengthening cycles since its inception. Time has proven this view to be right. However, I do think we have had enough of a length of time to elapse that we could break free from this bearish channel at any point. But as we can see here, it's only going to be shown when we break the previous high. Any action before that is just normal price oscillation within the bearish channel.
Let's watch the top of this extended parallel trading channel, and keep our focus there before we start believing all of the nonsense we see from the big mouths on YouTube. I think there will be lots of opportunities for swing traders to scalp profits from these movements, but for the long term holders, I think patience is the smartest play.
Carlton Flowers
The CryptoPro
I don't have any idea of what is going to happen at this point. The one good indication we have on this chart right now that BTC won't continue the plummet is the positioning of the stochastic on the 1-day chart. We are CLEARLY in the oversold territory, which tells us that we should expect a good bounce to the up side soon. But how far will the next positive stochastic wave bring up the price? What I notice here is that every major stochastic peak is bringing a diminishing return on the price line.
The most recent stochastic peak brought us to an exciting price of $10,500. But that's still a lower low within this overall channel. I would be looking for a price that would smash the highest point of $13,900 before being convinced that the bear market is over. Until then, all of the grandiose predictions coming from the expert prognosticators is background noise. I'm turning a deaf ear to all of the talk of bull market until we get a stochastic peak that drives Bitcoin above that first high point. The majority of the YouTube Jockeys got it wrong, as usual, claiming that the recent swing channel on the micro level was an overall bullish trend, when the chart clearly shows that we are still in the midst of what could be the overall bearish trading channel.
I'm going to stick with the fact that NOBODY knows what will happen next. What I've been saying for the past year is that we have never ever seen Bitcoin circumvent the ever-lengthening cycles since its inception. Time has proven this view to be right. However, I do think we have had enough of a length of time to elapse that we could break free from this bearish channel at any point. But as we can see here, it's only going to be shown when we break the previous high. Any action before that is just normal price oscillation within the bearish channel.
Let's watch the top of this extended parallel trading channel, and keep our focus there before we start believing all of the nonsense we see from the big mouths on YouTube. I think there will be lots of opportunities for swing traders to scalp profits from these movements, but for the long term holders, I think patience is the smartest play.
Carlton Flowers
The CryptoPro