Good evening everyone. Update on BTC. I still feel the IHS pattern will fail. See how the volume has gone down drastically. This may be normal consolidation, but a massive amount of volume WITH FOLLOW THROUGH (not just one candle) will be needed for the formidable resistance above, and to complete and validate the right shoulder. So far, the bulls have not shown up. I see very little buying interest even up to 7k. The vertical, dashed black line is a popular time for big candles to appear (bart and marg simpson.) It is also right outside the cloud and right at the apex of the wedge. I'll be looking for some action around there.
We could go either way. My best guess is a bear trap anywhere from 6400-6600 ( wide range, I know) followed by a fairly decent drop in price. Who knows!??!?!
We could go either way. My best guess is a bear trap anywhere from 6400-6600 ( wide range, I know) followed by a fairly decent drop in price. Who knows!??!?!