Pennants forming on 30 minute. btc seems to be consolidating before a breakout attempt at about $10,500 - it'll then journey to retry its luck with the bearish trend line at the $10,800 - $11,000 range. We'll see some downward consolidation as that battle along that trend should last a little while, before ultimately the old bears become bulls. If we break, I see bright skies on our way to $11,800
Comment:
Breakout to $10,700 happened as I was posting, instead of more consolidation, so I was wrong there, but we're holding true either way. I expect 8-16 hours (from 7AM EST) of riding the new support (blue dashed line) and deciding when to take a full shot at breaking the down trending pink line. BTC pumped past the $10,500 threshold with ease, and though there will likely be retracements and sellers when breaking the pink line, I think the masses push it through into slightly positive/bullish sentiment toward $11,800 where the alt market gains steam and things begin to get back to "normal"
Comment:
As predicted, a little consolidation after hitting resistance on the point at $10,900 - coming back to the blue dotted support lined developed by breakout of the bull pennant earlier. Gonna refuel before making another charger at $10,900 right at the downward trend line we've been dreading.
I think we hold the blue dotted line, forming more of a parabolic cup/handle, rather than falling through to the next solid blue line which was already previous support before the btc pump. Therefore, I think we move sideways between $10,500 and $10,900 for anywhere between 8 and 24 more hours. Estimating potential bear trend line break Late February 28th / Early March 1st, depending on time zone and when the break actually happens.
After $10,900, it seems like fluffy ichi clouds until $11,900 when we attempt to move out of the center bounds of a relatively consistent/positive toward the outer bounds of the channel, hoping for a break back into territory with limited resistance, and a much more rapid growth rate.
I think we hold the blue dotted line, forming more of a parabolic cup/handle, rather than falling through to the next solid blue line which was already previous support before the btc pump. Therefore, I think we move sideways between $10,500 and $10,900 for anywhere between 8 and 24 more hours. Estimating potential bear trend line break Late February 28th / Early March 1st, depending on time zone and when the break actually happens.
After $10,900, it seems like fluffy ichi clouds until $11,900 when we attempt to move out of the center bounds of a relatively consistent/positive toward the outer bounds of the channel, hoping for a break back into territory with limited resistance, and a much more rapid growth rate.
