Well, as I said weeks ago, this giant daily cloud was going to keep BTC tethered for weeks like a boat anchor, and that's exactly what we're seeing.
We've managed to bounce again, and are headed right into the 1h cloud, which I think we will eventually break through, and go up to ~9400. The 4h cloud will keep us at bay beyond that though, and a lot of chop/sideways will follow.
Unfortunately we still have upwards of 2 weeks before BTC reaches the edge of that cloud, and at that point, it will have a chance to go down significantly. If it manages to stay above, it looks like another large cloud is immediately to follow which could mean more of the same all over again.
I feel like we are officially in the chop zone.
We've managed to bounce again, and are headed right into the 1h cloud, which I think we will eventually break through, and go up to ~9400. The 4h cloud will keep us at bay beyond that though, and a lot of chop/sideways will follow.
Unfortunately we still have upwards of 2 weeks before BTC reaches the edge of that cloud, and at that point, it will have a chance to go down significantly. If it manages to stay above, it looks like another large cloud is immediately to follow which could mean more of the same all over again.
I feel like we are officially in the chop zone.
Note
This prediction was spot on! We're seeing it hug the 4h cloud as it tries to push up. What will happen today? Check out my latest.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.