BTC seems to create these long-standing support channels behind the scenes of daily price action. As is the nature of BTC, it does what it wants and from my perspective, abandoning the yellow channel for the shiny blue is still valid and long-term bullish. This sings opportunity and preparation as we continue closer to unknown price action outside all these...
A break past ~$9.6 and bullish momentum could see us reach resistance/support at ~$10k. Profit taking/risk management/fear and we are sent back down inside purple channel for steady growth, continuing up. This cycle could continue as we climb past strong psychological levels.
With higher lows rising indicated by the purple line and a firm upward channel, we may still see lower before responding to downward pressure building up.
I drew a road. Along that road we come across some rounadabouts and the distance between them seems to be getting shorter. I placed the stars before psychological resistance/support represented by the deep red lines from $5,584 to $20,700. Just something I see.
On the daily, we can see a clear path to previous ATH of ~$19,741 by Sept 19th of 2019 if current channel holds.
Long Position: 5.3-5.5 TP Zone: 7.1-8.2 Extra TP Zone: 8.4 - 9.4
Following what appears to be an Elliot Triangle Wave into an Elliot Correction Wave through the range and onward to oranger pastures, presented to us are various opportunities to bet moar and short in the daily. Overall, we are still bullish on a macro level.
If the previous movement through the Macro Upward trend represented by the purple lines is any indicator of future movement, we should range between $10,240 and $12,860. However, as we move up, we are being pushed out of this macro range as we approach the larger macro range a bit faster than is healthy. As euphoria escalates in tandem with greedy longs, strong...
The yellow channel was not properly drawn. Here I have updated it using $268 and $278 as reference points rather than skipping the first. This seemingly increased the precision of the upward movement, easing concerns of dropping down below $303. Sensible Stops.
Following the macro downtrend represented by the blue lines, we can see a break around $160, and a confirmation of a macro uptrend. Staying in bounds of this(purple lines), it seems likely we will see $400 and beyond right at the end of this year.
Following the yellow channel, we are bouncing of the support of $303. We could range here for a few hours before moving on up to $330
We have broken out of the micro uptrend which may flip into the bottom of a new micro uptrend represented by the pink lines if held. I have highlighted the new channel and its relation to the previous micro upward trend with the light green boxes I may reduce exposure if we break down out of both micro uptrends.
Falling out of the recently found micro uptrend(yellow lines), BTC has returned to the much saner micro uptrend in the purple channel. The current range($10,335-$11,140) being tested as we slide on up to $11,770, possibly staying between the yellow and purple lines. An opportunity to short presented itself at the top of the range, with a close of $10,400 being...
Sitting right at a support level of $286 and in the middle of the current micro upward channel, ETH looks ready to overtake the next support zone at $348 with full force. The right amount of steam could send ETH outside the micro and macro upward channels, hitting a previous ATH of $400 in July rather than beginning of 2020.
Added the micro trend in blue lines to highlight why $10,200 is a key price point.
As we can see, we have broken through the Upward Micro Channel, represented by the blue lines, raising the risk for a long here as we enter a somewhat untested price zone inside the yellow box. This combined with declining volume suggest a possible retest of our previous support zone, $9,393.
If we pop back into the yellow triangle, we could retest the bottom of the previous range we just flew through($8,802-$9,670). However, if we continue upward, outside the yellow, we have a higher chance of $10,200 before potential correction to previous range increases. Notes: I've decided to use lime green lines as the bottom of ranges and red lines as the top...
Red lines represent range low and high from previous macro-trend that acts as resistance and has proven to be popular buy orders. As we move into the yellow, I will open a short hedge that represents 50% of my current position, reducing portfolio exposure. Upon entry into the green, if the current macro-upward trend is not broken, I will be laddering buy orders...