Volume is decreasing while the 4k longs wisely begin taking profit. The three year pennant remains in tact with a golden fib from the March low calling for 6400 which would produce a massive IHS strong enough to break the pennant. MACD bearish and crossing below 0. Adjusted strength indicators all bearish and momentum has just flipped bearish.
A new channel has...
We are still on track for inverse H&S. Pretty sure i was one of the first to call for an inverse H&S late April as my very 1st post to Trading View, we are still on track and the golden fib from March almost seems to be calling for it. The inverse head an shoulders is the only thing i can see strong enough to break this 3 year down trend, otherwise, potentially...
Daily: Mayer Multiple shows us over extended (main chart bands). Bottom pink, mining cost still high while transactions (white) slow. I.e. Fees. Price needs to shake out these unprofitable miners,.. Please follow and leave a like if you found the perspective unique or helpful..
If there were ever a treasure map identifying the top of a major trend. I wonder if a giant darth maul/gorgeous diamond reversal top right on the spot where the 3 year trend line and march trend channel converge would qualify as a good candidate? 🤔
we have broken the channel and we are currently up against the 3 year trendline. keep your shorts a little looser then tight but well managed, this could be a wild ride but until we break the trendline, i remain bearish.
March Channel is intersecting with 3 year drown trend line . I think we got here a little too fast, a retrace to the golden pocket or 7400 for a massive inverse head and shoulders should provide us the momentum we need to escape the massive wedge in healthy fassion
There is a large volume gap in the $5k to $6k range that has never run through its paces and serious resistance in the $9.8K to $10.5K range, this increases the probability of a retest to shake out the last of the weak hands before we say are our farewells to $10k forever more. Strap in and hold on tight!!!!!