BTC holding 8k steadfast, but also stuck in range... What now?
Some of my previous estimates placed us in the 7300 - 7500 region much faster. Buying with real volume is basically anemic, however, 8k being defended so strongly that it gives me some hesitation about staying with the idea that we will get to 7.3k before around 8.8k. However, the NVT is STILL showing weakness in BTC, so it's hard to grasp a big buy up, till that changes.
The main chart is showing the potential patterns up if 0.618 keeps being defended. Most conservative fibs put it at around 8.7k IF that were to happen. 11 day MA on daily is still getting rejected. Short tf moving averages still showing much resistance on price on 4 hr window. So that does back up the assertions I have for a 7500 first, before 8800 comes into play, and not AFTER.
The bullish option has two things in favor for it:
1) Starting to run out of time for the bullish crab pattern's fib ratios to work out. We either drop fast and soon, or we don't, and the A side of a much larger harmonic comes into play at 8700.
2) 8k is being HEAVILY defended. Almost suspiciously so.
I want you to keep this in mind though. IF we do go up to 8.7k region, the correction back down will be much more intense, but it does favor overall bullishness in the longer term. So, in short, even if we do go up to 8.7k, I won't just close my short from 8200. I will just be adding to it, if we do get to 8.7k.
For now I'm still favoring crab pattern ABC sides complete and going down to D around 7500. I will keep an eye on NVT to tell me otherwise
The main chart is showing the potential patterns up if 0.618 keeps being defended. Most conservative fibs put it at around 8.7k IF that were to happen. 11 day MA on daily is still getting rejected. Short tf moving averages still showing much resistance on price on 4 hr window. So that does back up the assertions I have for a 7500 first, before 8800 comes into play, and not AFTER.
The bullish option has two things in favor for it:
1) Starting to run out of time for the bullish crab pattern's fib ratios to work out. We either drop fast and soon, or we don't, and the A side of a much larger harmonic comes into play at 8700.
2) 8k is being HEAVILY defended. Almost suspiciously so.
I want you to keep this in mind though. IF we do go up to 8.7k region, the correction back down will be much more intense, but it does favor overall bullishness in the longer term. So, in short, even if we do go up to 8.7k, I won't just close my short from 8200. I will just be adding to it, if we do get to 8.7k.
For now I'm still favoring crab pattern ABC sides complete and going down to D around 7500. I will keep an eye on NVT to tell me otherwise