I've labelled everything for you so you can easily understand it.
We've got a wedge in price, which just means higher lows (green circles) and lower highs (blue circles) since we reached $9,100.
And from our previous run up to even get to this level has left it's own trend line (yellow circles).
Now I know some people dismiss sloped trend lines because they're subjective, but ~ they work. You'd never trade off them alone, but they definitely add confluence when helping to make a decision!!
Now check it, all 3 trend lines overlap at a single place.. and then if you run the Fibonacci tool from the low to the high, it places the 61.8% fib (golden pocket - marked in gold) right on that wedge centre. (marked in red).
Then guess what happens just after that? CBOE Futures expiry.. Which I've marked also, which will be 6-7AM 20th June 2019 for us (AEST - VIC/SYD)
So while everyone's out there making silly predictions, know there is more at play than just 'up or down'.
This is no prediction of price post, but just a heads up on what's going on and why the market feels like it's shifting from bullish to bearish every few hours. It's because it is by constantly making a higher low, or lower high. but until we get a HIGHER HIGH or a LOWER LOW, we have no clear direction.
With the end of the CBOE Futures, wouldn't this imply a swing to the upside?
And why did the CBOE end its Future trading? Are they going to partner with a crypto exchange and they don't want to hinder its success by having people short it? Is it just a coincidence that Bakkt and Fidelity are suppose to open their exchange and trading platforms this month, the same month that CBOE is closing their Futures exchange? Do you believe in coincidinks? I don't.
BitcoinBearSlayer
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@BDG, I'm glad they are closing. Things went to shit they day they opened because they do they same manipulative crap they do in the DOW and S&P futures. I think they are closing because they realized that they can not buy or sell and UNLIMITED supply of shit paper into a FIXED size market such at Bitcoin. It's difficult to figure out that they have sold 25 Million Bitcoins against a KNOWN supply of only 21 Million EVER. Maybe as few as 5 million in actual circulation. I don't think it took them long to figure out that their tricks of the past won't work as well with an open blockchain and a fixed supply. It's too hard for them to hide the bullshit. Just my opinion of course. Any everything I just wrote is hypothetical.
And why did the CBOE end its Future trading? Are they going to partner with a crypto exchange and they don't want to hinder its success by having people short it? Is it just a coincidence that Bakkt and Fidelity are suppose to open their exchange and trading platforms this month, the same month that CBOE is closing their Futures exchange? Do you believe in coincidinks? I don't.