Expect BTC rejection at log support soon
Updated
Alright team, here’s what I think is the most plausible situation. BTC was in consolidation mode after the big move up but has just made an aggressive move towards the 8430 resistance. I think BTC is going to get rejected there, and after some sideways movement today, retrace down to the blue channel, where I expect a bounce.
When it bounces in the blue channel, it should take us to test the 4 month long log resistance (red line). I am not sure that bulls will have enough steam to break thru the resistance with solidarity. It is possible that we could go all the way past and into the green channel past 9K, but I don’t expect it to last. After some more sideways movement, I think we’ll eventually move back down to the blue channel.
This is my short-term prediction, but I am still bullish. I think we need to get rejected by the red log resistance and take a dive before we become bullish enough to move past it. However, I believe we will break out of it before it crosses with the Eve part (pink U) of our Adam & Eve pattern, which crosses on May 6.
I’ll post a more detailed explanation of my thoughts on moves from there later. In the meantime, I think somewhere near the pattern of the blue line on my chart is what we can expect.
I have been on the pulse and charting day and night. Give me a like and a follow if you dig. You guys are my fuel to do what I do and bring value to the community.
The Dark Horse
Disclaimer: This is not financial advice
When it bounces in the blue channel, it should take us to test the 4 month long log resistance (red line). I am not sure that bulls will have enough steam to break thru the resistance with solidarity. It is possible that we could go all the way past and into the green channel past 9K, but I don’t expect it to last. After some more sideways movement, I think we’ll eventually move back down to the blue channel.
This is my short-term prediction, but I am still bullish. I think we need to get rejected by the red log resistance and take a dive before we become bullish enough to move past it. However, I believe we will break out of it before it crosses with the Eve part (pink U) of our Adam & Eve pattern, which crosses on May 6.
I’ll post a more detailed explanation of my thoughts on moves from there later. In the meantime, I think somewhere near the pattern of the blue line on my chart is what we can expect.
I have been on the pulse and charting day and night. Give me a like and a follow if you dig. You guys are my fuel to do what I do and bring value to the community.
The Dark Horse
Disclaimer: This is not financial advice
Note
Ha... wow. Sorry guys, I mean rejection at log resistance in the title. Silly me.
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