Here's the P&F chart update for Bitcoin after the Amazon FUD.
We have a reversal bar to the downside which is bearish, but in order not to become overly bearish, i'm also counting for a possible reversal to the upside for the next column. Ofcourse we should expect a reaction in these reversal bars. In fact the current reversal could be the reaction itself.
30k is the double bottom and 40k is the double top. Crossing these levels could take us further as explained on the chart. I tokk only the last segment of consolidation as they are the first targets.
We are still in the sideways trading range and we could break out both ways. There are signs of strength and accumulation, but volume is not supporting this.
I'm in short strategy, but i'm posting this as neutral so people don't take action within this trading range by looking at my analysis idea.
@hdcrypt, Bitcoin's history is full of impossible things :)
hdcrypt
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@BitcoinMillio18, Yeah! true, I commented based on history itself, I have been monitoring btc prices since 2011, based on the same 8K looks rarest of the rare case.
AtlasTrades
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Really like your charts.
ApeTrader77
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Thanks again. Looking at this and the algos that are dominating crypto trading it does look like we will touch back down into the low 30s (~32k) in August before hitting 80k in September. Im surprised we didn't touch 50k in July although I guess there is a few more days left. In any case, August will have a HL and September will have a HH. The volume doesn't seem to matter much to BTC as we hit ATH at low volume and will likely do the same again. Most people I know (doctors, teachers, fast food workers) are buying to hold for 5 years. Nobody is selling and everybody is buying. Little buy volume seems to affect the price a lot. Which is a good thing. cause at some point you shouldn't have to sell, but just use it to make purchases or transfer.
BitcoinMillio18
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@tothemoonftx, looks like a plan!
DanielCA9
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In my opinion, the easiest possibility now is to go down
Interesting post again, thank you! Seems to me (im a noob to trading) that this crossroads feeling is exactly what the institutions want. Old school TA methods dont seem to match with the current market situation as literally 99% of analysts seem to get caught off guard one way or the other. The manipulation mindfuck is real!
My compliments to you for continuously giving us a fair overview of the possible ways we are going to be manipulated. It helps!