- The descending channel formed since June 1st is still valid
- 8870ish is the 0.5 Fib retracement of the 2019 bull run, this is a crucial support line, it has been tested again last week
- If price goes to 9135 without an immediate dump, it might keep going up for a while
- if price goes below 9075, the 8870 support line could be tested again.
The upper bound of the wedge could be tested, which is close to the 0.618 retracement level of the ABCD model
* Just begin learning about the ABCD model, could be wrong
The volume remains low, which adds uncertainty to the next move.
May have to wait for a couple days till the volume breaks out along with the direction.
Ideally, the breakout should happen at the 2/3 completion of the pattern.
Position: Short weekly volatility, tight trailing stop
By far I'm pretty convinced that 2020's market is simply the continuation of the 2019 bull run.
BTC just tested the crucial 0.618 Fibonacci retracement level.
*LTC has not reached the targeted price for the descending triangle, I expect another 'dip' for BTC
If we consider the current market as the continuation of the 2019 bull run:
The price briefly hit the Fib 0.5 resistance level & has been declining ever since.
Thus there's no reason to believe we're in a bull market, unless the price breaks 84.2 and hits a new high.
Until then, all the increase in price should be considered as merely rebounds.
If we see the...
