Short

We've hit the end of the line.

Updated

We've hit the high for intra-day price. No where to go but down from here. We'll be bouncing around these two channels until some bad news hits, doesn't really matter what, and makes us drop below the last black line. Once below the line, we free fall until we hit somewhere around $3800.

Note

Note

It's looking more and more like we'll be seeing an extended right shoulder. I'm expecting the price to bounce around the yellow triangle, possibly the green triangle for the next couple of days. Should the price break out of current resistance and make it into the blue triangle, then the bulls might have a fighting chance to make a move, but it's probably a long shot at best. One thing to note I think is that the longer the right shoulder extends, the farther and more forceful the eventual fall. In either case, we'll probably see a bounce off of the orange line, creating yet another right shoulder to complete a slanted HS, bringing us below the "point of no return", or the solid black line aka below the lowest low of the year. BTC will eventually recover, but once past that point, we'll be in a bear market for the remainder of the year and probably longer. I suspect actually, that the price will reach $1200 range before all is said and done.

Note

Potential Inverse HS forming - it will complete if the price comes up to about $6350 and stays there:

Note

The bulls tried but ultimately failed to complete the Inverse HS. The neckline of that Inverse HS, which could also be thought of as the top of the triangle pictured, now becomes an additional layer of resistance. Meaning that the chances of the bulls keeping the price above $6300 has gotten that much harder, at least without taking a hard drop first:

Note

as you can see, it was like hitting a brick wall...:

NTEC

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