Just going over some observations about BTC USDT and the potential entrance into a new market cycle. 1. The compressing descending wedge from the bull run has reached an end point. 2. New geometric form emerging as the waves begin cycling out of the compression 3. No prediction, just ideas.
Happening sooner than expected (reasonably so) we have broken the prior support of our last wave up, bringing us back to near the bearish bottom region. Expect sideways between 6500-5900 for a few days with a recovery towards 6700 coming shortly.
Quick rundown on "Theory Sketch" of BTC movements. IN SHORT: Sideways for two days, seeking the orange band region on the path up to the yellow band. SIDE NOTE: Alts are disproportionately bleeding indicating some shady shit. Always keep and eye on BTC.
Entering high pressure region. Potential retracement to 6900 region as we continue upward in the channel. Significant overbought period wont last much longer. Extremely charged for upward or downward motion. If we make it through this region going sideways we will most likely jump up above the yellow region.
Basically we are looking at a 2 week or less cycle time until we are back at the bearish bottom / support region. Expect the time cycle to be even shorter due to a larger bearish sentiment than last wave up. Alternate occurrence is that the bottom of the yellow band region serves as the new top and we range between 7000-7400 for next few days before dropping.
Quick update / review on prior trade prediction.
Good morning TView, Hope y'all liked my analysis. As you can tell that I still believe we're going to ultimately move down but the 5 wave structure may play out with a max target at $7000 as I've mentioned before. We have to see if our resistance turned supports will hold though. Given the nature of that artificially created move yesterday, I'd wait to see price...
Thanks for watching my analysis. Hope y'all enjoy. Post questions, queries, and comments. I expect us to either face that trend line resistance at 7700 that goes back all the way to last year and go down or we break through double-top at 8200 and then go back down again. Either way, I do believe we are bearish in either scenario. I, myself, have been bearish...
My top picks for the day 1 of 2 Key Iost Lend (low liquidity) Gas (watching for movement) Bcc (hit .1 again. CND (somewhat low liquidity) BTC (shorting til 7.9)
Top Picks for the day : QKC POWR ZIL Other coins in video. Loom Mana Ncash ONT Neo
We are now approaching our target of 8400/8500 zone of major resistance. We need to see how we react here. Please ask any questions or leave comments you may have. Have a wonderful day!
Hope you enjoyed my analysis! Will post updates soon
I rotate 180 and reverse horizontally to see if BTC looks good to go up. In this set-up, BTC looking good to go up means good to go down. Many times this has helped me understand the price movement.
Ill link a quick btc chart so yall can see.