Price Projection Using Data From Last Time BTC Had Giant Wick
Last time BTC had a huge weekly rejection wick in Feb '18 it responded with a long protracted flat bottom descending triangle then finally broke through the flat bottom and made an extension downward.
The wick pretty much defined the theme for all price action from feb to november.
We just recently had a giant wick for june. I was expecting follow through on the wick to the downside but it might actually end up just being a long sideways flat top ascending triangle while it repeatedly tries to break through the wick bounds but cannot until the triangle squeezes down to a fine point and it finally breaks out.
Whatever the case it needs several more weekly bars before much else can be said.
One other important thing is the weekly coppock curve is nearing 350 which usually signals the end of a bull run on btc.
I really don't understand how people can look at this chart and think "THE BULL RUN HAS STARTED!". Everything about it looks like downside action or sideways action is more likely before it can get past that major wick top. The current bull run is very old and over extended. It needs either a pullback or a consolidation to continue upward.
The wick pretty much defined the theme for all price action from feb to november.
We just recently had a giant wick for june. I was expecting follow through on the wick to the downside but it might actually end up just being a long sideways flat top ascending triangle while it repeatedly tries to break through the wick bounds but cannot until the triangle squeezes down to a fine point and it finally breaks out.
Whatever the case it needs several more weekly bars before much else can be said.
One other important thing is the weekly coppock curve is nearing 350 which usually signals the end of a bull run on btc.
I really don't understand how people can look at this chart and think "THE BULL RUN HAS STARTED!". Everything about it looks like downside action or sideways action is more likely before it can get past that major wick top. The current bull run is very old and over extended. It needs either a pullback or a consolidation to continue upward.
