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

BTCE:BTCUSD   Bitcoin / U.S. Dollar
3083 5 45
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 -
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

Comment: still crawling upwards, but hasn't kicked into rally mode yet...
Comment: The slow upward grind finally popped the 800 S/R level. Adjusted some lines to show how we could end up revisiting the old ATH without even leaving the current two-year bull channel
Comment: momentum popping out of the blue zone resulted in a nice touch of the top of the yellow wedge. We should pause here for a bit, but might not really pullback as much as the curvy green scribble shows.
Comment: pausing at the last S/R level since 2013 ATH. clearly still enough bull pressure to take us higher
Comment: TOUCH. as if a two-year long bull channel wasn't enough to trust, there's your confirmation :) :) :)
Comment: aaaaaaaaand here comes the correction channel
Trade closed: target reached: took a little extra whiplash, but pink scribble has been fulfilled ;) Also confirms the ancient grey channel. I'd expect a little consolidation/correction at this point
Do you have any advice for me now? I'm very confused by the BTC/USD price right now :(
+1 Reply
Excellent work , spot on analysis every time
yeah nice work ron. The bitstamp version of this may be showing a nice long term rising wedge too
should change your name to ronfkingswami
impressive, you selling now?
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