The fractal I predicted in June (and have been tracking ever since) is still in play.
We are still sitting on support of the meme pennant at $7700. Will bail on the long opened here if price drops below support at $7600.
I hate to pee in everyone’s cornflakes, but I think this bears mentioning. Every log trendline we’ve formed so far this year has bounced three times, then broken through on the fourth attempt. The only unresolved trendline left to retest at this point is the support of the long-term wedge. I’m not saying we necessarily dump from here, but if we do, I doubt that...
A potential fractal of the April short squeeze appears to be developing, with potential upside of either $7500 if the orange wedge plays out, or $8500 if the pink pennant plays out.This model would likely be invalidated if the price breaks above resistance around $7100 or below support around $6100 before completing the formation.
I'm almost leery to share the bullish form of my model, as I find it unlikely to be true. However, I figured it was worth sharing how nicely this model fits with the Wyckoff Accumulation schematic people have been sharing lately: d.stockcharts.com with $5800 as the Spring of...
This model shows us bleeding down the previous ATH resistance-turned-support log line until reaching the long-term log support line around August-September 2018. Hopefully we can find support there to begin reversing the downward trend.
It looks like we are in an ascending triangle within an ascending wedge. These ascending wedges could continue to break upwards if the recent trend continues, but buying pressure will have to persist for this to be possible.
We're currently sitting below horizontal resistance, log resistance from ATH -0.08%, inside an ascending wedge, with textbook Wyckoff distribution, and longs outnumbering shorts. BTC 2.60% will have to break through soon, or it will get rejected hard.