Considering how well BTC has been ranging between the blue trendlines as well as following the bearish trendline in white I have laid out what I believe to be as the path of least resistance to a crossroads where BTC will either fall lower to open the door for the Institutional investors to join in late July/August, OR it finds a bottom @7k and rebounds north
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Also, in case some of you didn't pick it up through context I'm using "ORM" as the Fib% Of Recent Movement. Don't know if that's an actual thing or not. But those fib levels are of the projected retracements.
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BTC has fallen through the floor of the Ascending Triangle that was forming with the 1200 EMA as the upper support!
And would you look at this, the 50 is following PERFECTLY with the descending trend...
BTC is falling closer to my target of the 78.6% Fib of this most recent leg up! I'm still betting that we bounce off the support of the ascending trend in blue and then begin a retrace of this leg down to the 61.8 Fib which just so happens to be in line with our descending, light blue trend!
From there I think it will continue south, the whales are attempting to open the doors for the Institutional investors at the NYSE and JP Morgan.
And if I've learned at least one thing from these past 6 months of amateur trading, it's that you don't try to bet against the Institutions. You'll lose. This is a world where we swim with the current, not against it.
And would you look at this, the 50 is following PERFECTLY with the descending trend...
BTC is falling closer to my target of the 78.6% Fib of this most recent leg up! I'm still betting that we bounce off the support of the ascending trend in blue and then begin a retrace of this leg down to the 61.8 Fib which just so happens to be in line with our descending, light blue trend!
From there I think it will continue south, the whales are attempting to open the doors for the Institutional investors at the NYSE and JP Morgan.
And if I've learned at least one thing from these past 6 months of amateur trading, it's that you don't try to bet against the Institutions. You'll lose. This is a world where we swim with the current, not against it.
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I have added a possible 3rd scenario.
Also I labeled each possible fork, with what I believe to be the most possible as #1 and then in succession of probability down to #3.
I will update my future trendlines as they happen!
Also I labeled each possible fork, with what I believe to be the most possible as #1 and then in succession of probability down to #3.
I will update my future trendlines as they happen!
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