BTC ALMOST AT TARGET RANGE OF 60K TO BEGIN NEW TRADING RANGE!
Made a few adjustments to my previous analysis, but the big picture remains the same. The only thing I added in there was the variable possibility of a double top type of reaccumulation that would confirm a bearish thesis.
Everything seems to be pointing at price exhaustion.
In the big picture of things (on a weekly/monthly TF) we have what's referred to as a "CHoCH" (change of character) to the upside of our ascending channel, volume divergence with price. This is CLEAR institutional markup and the beginnings of what I see as a BEAR MARKET.
Of course CONFIRMATION of this thesis is a must, and may show in the form of 2-3 trading ranges (double or triple top confirmations).
I wanted to show you guys a very close up view of the hourly range here. On a smaller timeframe, we have the same type of CHoCH action... Breakout above the local ascending channel forming yet another ascending channel.
Something a little interesting to observe on the small timeframe on the screenshot below:
This ascending channel already has had a CHoCH with a break below the channel. What you should be looking for is something like this to happen! Keep your eyes out for increasing volume to the upside after the breakdown from this channel (retracement):
Then short the PISS out of Bitcoin...
Everything seems to be pointing at price exhaustion.
In the big picture of things (on a weekly/monthly TF) we have what's referred to as a "CHoCH" (change of character) to the upside of our ascending channel, volume divergence with price. This is CLEAR institutional markup and the beginnings of what I see as a BEAR MARKET.
Of course CONFIRMATION of this thesis is a must, and may show in the form of 2-3 trading ranges (double or triple top confirmations).
I wanted to show you guys a very close up view of the hourly range here. On a smaller timeframe, we have the same type of CHoCH action... Breakout above the local ascending channel forming yet another ascending channel.
Something a little interesting to observe on the small timeframe on the screenshot below:
This ascending channel already has had a CHoCH with a break below the channel. What you should be looking for is something like this to happen! Keep your eyes out for increasing volume to the upside after the breakdown from this channel (retracement):
Then short the PISS out of Bitcoin...
