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.
High probability ~5 day BTC trade revealing it self.
Please refer to the labled sections of the chart in referencing the writing.
The Yellow Band Region has been a very important region throughout the entire motion into the bear market.
In the last price cycle we see that both the bottom and the top of the channel were important "sentiment...