BTC Massive challenge to the Bulls, proven chart says breakout!
Here we go. We've been waiting for this breakout chance since Fall.
**Please see linked ideas for context regarding the Summer DownWedge and Purple Dot Uptrend.**
The still young Purple Dot Uptrend after the $6,500 bottom versus the 200 Day and 9k resistance. A Bull win here would be huge, and would reconfirm the bottom. I still do not expect to see a break straight through the 200 day, and if it happens, expect a sharp drop at 10k back to 9k or even 8.5k
If we see a major failure here, expect the next brief support at $8500 and strong support around $8200 (The D Trend plus 100 Day) I doubt we lose 8k again.
My prediction is a brief failure at the 200, a bounce at $8,500, and back through the 200 Day to about mid 9k. Any failure and we'll rely on those various support just below which should launch BTC upward, thus my Long strategy. If its a short failure with a retest of the 200 immediately after, expect a major breakout. A collapse below $6500 is very unlikely so I'm not trimming anything.
**Please see linked ideas for context regarding the Summer DownWedge and Purple Dot Uptrend.**
The still young Purple Dot Uptrend after the $6,500 bottom versus the 200 Day and 9k resistance. A Bull win here would be huge, and would reconfirm the bottom. I still do not expect to see a break straight through the 200 day, and if it happens, expect a sharp drop at 10k back to 9k or even 8.5k
If we see a major failure here, expect the next brief support at $8500 and strong support around $8200 (The D Trend plus 100 Day) I doubt we lose 8k again.
My prediction is a brief failure at the 200, a bounce at $8,500, and back through the 200 Day to about mid 9k. Any failure and we'll rely on those various support just below which should launch BTC upward, thus my Long strategy. If its a short failure with a retest of the 200 immediately after, expect a major breakout. A collapse below $6500 is very unlikely so I'm not trimming anything.
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