The patterns can be read both bullish and bearish currently. Overall I see these options.
Option A: Parabolic curve was already broken
Volume has been decreasing continuously, 3D and Weekly momentum is exhausted, NVT and Money flow are giving sell signals
The large upward channel has been broken to the down side, large rising wedge has been broken, bear flag forming for further downside, HS potential
Parabilic moves tend to correct more strongly (and the flash crash is not to be counted as a proper correction).
The main question is whether the parabolic curve is actually broken and we are now progressing to the previous parabolic curve trend line before moving down.
With 70% I believe this is the case. In my previous post I assumed we would go up to this level of ~$8.8k
I slightly updated the form of the curve since my last post, also the drop targets
Option B: Parabolic move is in tact
Volume is decreasing but will increase for the next bush up following a very similar pattern to the period April 25th to May 8th.
I.E.: break out from larger rising wedge and bear flag setup followed by volume increase and move up.
The hourly and daily momentum still shows strength. See this 30% likely.
Option A: Parabolic curve was already broken
Volume has been decreasing continuously, 3D and Weekly momentum is exhausted, NVT and Money flow are giving sell signals
The large upward channel has been broken to the down side, large rising wedge has been broken, bear flag forming for further downside, HS potential
Parabilic moves tend to correct more strongly (and the flash crash is not to be counted as a proper correction).
The main question is whether the parabolic curve is actually broken and we are now progressing to the previous parabolic curve trend line before moving down.
With 70% I believe this is the case. In my previous post I assumed we would go up to this level of ~$8.8k
I slightly updated the form of the curve since my last post, also the drop targets
Option B: Parabolic move is in tact
Volume is decreasing but will increase for the next bush up following a very similar pattern to the period April 25th to May 8th.
I.E.: break out from larger rising wedge and bear flag setup followed by volume increase and move up.
The hourly and daily momentum still shows strength. See this 30% likely.