BTC did manage to get to 11 450 and some beyond. The Bulls did not take the opportunity to build momentum when they had it after 11 420 and 11 350. Both times we just managed to stall into a slow "catch". Why? There can only be 2 reasons. 1) The bulls were too strong (they did not use volume - but could have done this via flashing on the order books) or 2) More likely: The bears are (or being allowed to) slowly march us to a decision point. I have a line on the chart as to when this might happen, but this one is very optimistic and also small boxes as to prices that this most probably would happen. I have a plan B for another time of decision but it is still too far out and these things are never very accurate as price action is far more important.
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Conclusion: Watch the volume - it is slowing down steeply. We are heading for something in excess of $400 move wise and I am watching the levels suggested by the boxes as decision points. Money Man has red pants on as he hopes to be dressed appropriately for the moment - unless we are around 11 000 where he would have to play the field as it unfolds, because he still thinks there would be a bounce in it for him.
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Very important:
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Like if so, comment if not or even if and follow
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We need to get beyond 11 460 to get some belief back in the bulls and the bears would like the break of the support line. The bears and bulls have had a good run around and burned through a lot of energy. I think we will see some peace for the time being but keep and eye on the support and resistance
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*support and resistance as in the lines - we forming the triangle (purple and green)
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My previous contribution.
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My next contribution
