ronfkingswanson
Long

Sometimes the best thing to do is just scribble, wait, and HODL

BTCE:BTCUSD   Bitcoin / Dollar
622 0 22
6 days ago
This is that chart -- the one that I never published, but should have long ago, because for once I stopped trying to make a technical analysis , grabbed the marker and just scribbled a potential path based on the price action in this two-year long bull channel.

Back on June 16th, as the rally was peaking in the blue zone, I freehanded a sloppy pink scribble which over many months seemed to attract candles like a magnet. I haven't been maintaining any other charts, just checking in on this daily one all year. Now here we are, poised to finally break out of this blue S/R zone and rally once again, this time within reach of the previous ATH             . The last pause I could imagine would be the $800 level, but it shouldn't stop the moon train...

Obviously the exact timing of this rally hasn't perfectly stuck to the path of the pink scribble, but I'll still be satisfied if we moon a few weeks late ;)

(sorry for the sloppy oversized arrows, they didn't seem to show up quite the same when published...)

Here's the first snapshot I posted in the chat -
snapshot
3 days ago
Comment: finally got out breakout from the blue zone! RSI had perfectly touched the bottom of the local channel and curled upwards, so this shouldn't be much of a surprise. Price was already hugging the top of the zone, so any upwards RSI momentum HAD to push price through the resistance

snapshot
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