Bitcoin: Uptrend DENIED! Is Warren about right? Rat poison cubed
Hello everyone,
Just a quick thought today: The last 9 days (29 May - 6 Jun) show the same pattern as the situation 18 March - 26 March. At that time, also like this time, an attempt of an outbreak upwards ("uptrend commences" signal on 22 March and on 2 June), then a week of a tough fight between the bulls and the bears and now we are approaching, in my opinion, the inevitable "uptend denied" signal (like the one on 26 March). It is going to happen if the price does not climb back above 7600 very soon and then on to 7700. The longer the price stays below 7600, the faster the big slide to the new lows will come. That would be "Dead cat bouncing", Act 3
Just a quick thought today: The last 9 days (29 May - 6 Jun) show the same pattern as the situation 18 March - 26 March. At that time, also like this time, an attempt of an outbreak upwards ("uptrend commences" signal on 22 March and on 2 June), then a week of a tough fight between the bulls and the bears and now we are approaching, in my opinion, the inevitable "uptend denied" signal (like the one on 26 March). It is going to happen if the price does not climb back above 7600 very soon and then on to 7700. The longer the price stays below 7600, the faster the big slide to the new lows will come. That would be "Dead cat bouncing", Act 3
Comment:
Since I wrote that yesterday, the Bitcoin price did exactly what I said -- it rose above 7,6k and then shortly thereafter to 7,7k. So it is on the razor's edge again, as I see it: should the price fall below the green dotted trend line again we shall continue to worry, if it stays over it, the nail-biting part goes into extra time. Everything is still open and nothing is certain.
Comment:
Price action as expected, so it's official now:
Uptrend definitely denied!
(as I wrote 4 days ago -- the market has confirmed my opinion)
Uptrend definitely denied!
(as I wrote 4 days ago -- the market has confirmed my opinion)
Comment: