Hello fellow traders. The current price trend has violated the previous analysis. That’s not to say that this chart pattern might not be significant at the eventual top however it seems clear that this may not be it.
Today’s impressive price action , moving us above the red triangle has Signified that the bullish sentiment ( and the whaling sentiment it seems) has prevailed and we are looking at a higher formation. The next most obvious target is $10000. A strong psychological level as well as the 0.618 retracement from $13970 down to the March lows. While this may seem likely technical resistance I doubt we’d be at 9700 7 days before the halving if 10000 were the end destination. Also the whaling interventions on the lower timeframes would be slowing down not accelerating.
The next likely high would be the low $11000s. Meeting resistance at the descending trend line. I’d give this a reasonable amount of probability as it would make a bit of a higher high. However it would still be in line with the overall descending price structure. This is where the whale watching comes. Of course one would feel that the whales want a higher ATH. And while this probably isn’t the rally to get us there but the whales atleast need to change the descending price narrative. Any later might be too late.
So based on this I would feel that the eventual target of this rally would be the $14-15000 range. While this may be a bold speculation Lacking in much technical foundation I do believe that breaking the descending green trend line and a higher high are necessary target for the whales to achieve in order increase the likelihood of a new ATH.
While a newbie like me can’t profess to know what the whales think or how they work, how many of us can claim to have access to this knowledge. How much do we know about whales anyway. They don’t tell us where they’re going, we can’t expect them to take us along. All we can do is hop on a ship and using the best our assessment and intuition hope to end up at the same part of the Ocean where the whales choose to reveal themselves to us.
Today’s impressive price action , moving us above the red triangle has Signified that the bullish sentiment ( and the whaling sentiment it seems) has prevailed and we are looking at a higher formation. The next most obvious target is $10000. A strong psychological level as well as the 0.618 retracement from $13970 down to the March lows. While this may seem likely technical resistance I doubt we’d be at 9700 7 days before the halving if 10000 were the end destination. Also the whaling interventions on the lower timeframes would be slowing down not accelerating.
The next likely high would be the low $11000s. Meeting resistance at the descending trend line. I’d give this a reasonable amount of probability as it would make a bit of a higher high. However it would still be in line with the overall descending price structure. This is where the whale watching comes. Of course one would feel that the whales want a higher ATH. And while this probably isn’t the rally to get us there but the whales atleast need to change the descending price narrative. Any later might be too late.
So based on this I would feel that the eventual target of this rally would be the $14-15000 range. While this may be a bold speculation Lacking in much technical foundation I do believe that breaking the descending green trend line and a higher high are necessary target for the whales to achieve in order increase the likelihood of a new ATH.
While a newbie like me can’t profess to know what the whales think or how they work, how many of us can claim to have access to this knowledge. How much do we know about whales anyway. They don’t tell us where they’re going, we can’t expect them to take us along. All we can do is hop on a ship and using the best our assessment and intuition hope to end up at the same part of the Ocean where the whales choose to reveal themselves to us.