Since 2 months this yellow line is acting as resistance.
If the price gets above the yellow line, comes back to test it ans stays above, I see an uptrend coming.
So I wouldn't get in before the above happened.
Like what you see?
Support my analysis so I can keep providing value to the community:
Bitcoin has been in a channel since the move down from 10k. According to this count we're going to see low 4k prices. However, this count is in conflict with the EW theory that wave 3 is most often the longest but never the shortest. So maybe the count is wrong and I'm missing something, but I'm definitely convinced we're going to see at least 5200. The panic at...
The move up from 7k was not based on correct wave pattern. Most of the time this results in more downside. For the short-term I expect at least an ABC coming down where A & B are just finished. Wave C will end around $7089.
In the old days I charted a lot on the hourly timeframes. A lot of times the targets would play out nicely as long as you looked at the daily and forget about the noise that happens on the daily. The run up from 6.4k to 10k still seems incomplete to me and was expected to go higher than 10k. Since this wave up failed my assumption is that we get another ABC...