Just a thought, with little certainty. Seeing all the bart head formations popping up again reminded me of what was happening in Early april at the $6500 bottom when whales were accumulating by keeping the price locked in a corridor with most people holding a very bearish outlook like we have right now in the market.
Watch how it unfolds over the coming days. If...
This long term trendline has been in play for a while, with only a brief breakdown of it in early April but bulls quickly brought the price back above the line. This is an important line to watch, if it holds, then we may have confirmation of a bottom and the recent bart simpson type price action is the whales accumulating again like they did in April.
Disclaimer: I don't know anything about which way any of this is going because I feel the market is unpredictable due to many forces right now.
Anyway this is just the wedge the price action is forming and seems pretty obvious the decision points we are heading toward.
We have been in an ascending channel since April 1st. Today's drop from the bull trap is sitting precariously at the bottom support which it tested a couple of days ago already.
1. We may bounce upwards from here but seems quite unlikely given the bearish sentiment and trend indicators bearish across the board. However, there are probably a lot of...
My latest idea was a total disaster so please don't place any trust in what I see and figure the story and move out for yourself.
Right now the trend is bearish so its high risk to trade against the trend. However, we MIGHT have reached the bottom here.
The next target appears to be just under 8800, a 50% fib retracement hitting the top of the channel. ...
Looking back at the March 20 Bullrun, confirming the same period on the 2HR and 4HR cycles, we have a very similar setup which preluded a large move up. Keep an eye on price action.
I am not responsible for losses. Trade smart with good risk management.
We are now at past support levels and support on the descending channel which began from the ATH at $20000. Watch closely for a bounce here to the top of the channel. If we break lower than the channel then next stop appears to be around $6k levels. RSI is supportive of a bounce from here
Looks like we are due for a retest of the $8000 support line in around 3 hours based on the current channel that has formed on the 15-min chart since the first reversal unless there is a clear break very shortly.
On the retest we may bounce for a double bottom or break through resistance and head somewhere for next bounce within the $5-$7.5k range
This crash appears to be following a similar template to the previous one back in December. Each daily candle is closely resembling the theme of each day in December. Which means that with today's bull turn upwards it matches the false breakout in December which led to three days of decline to retest the previous low and complete a double bottom before then...