The BTC ship continues turning, new coordinates mate
So here is what my updated chart looks like. I kept the historical bullish channel in green, as we always could go back to that channel, but more importantly, it at least gives us some hints on the historical timeline, and the top of that channel could be used like a bit of a floor, perhaps..
The previous floor had been tested multiple times and held, so I have drawn a new trend line, in blue, from latest higher lows which actually connects back to the last low inside the green channel. I am not sure on the strength of this particular line, but as I start to look at the chart with fresh eyes, I have to include the new data, and start over, and so this is what I see.
Furthermore, we broke the downward trend line again, and I have repositioned a new one in purple, it is a flatter downward trend than previous, and like the one before that, etc. The point is, we are slowly running out of downward trend lines to draw from, as the ship here keeps turning.
It sets us up in what looks like another equilateral triangle, and which usually signifies a continuance to the latest market action.. as to which way things will break? I see this as a high degree of breaking to the bullish side.
This has all happened a little earlier than my first week of Aug prediction, however you have to go with what the market is telling you.
Some have speculated that the latest price spike is due to a short squeeze, which may cause a further decline in the number of sellers at these prices. Combine that with the amount of money waiting to get in, and we know this thing can take off at any time. As soon as it starts, it can grow by big numbers on a daily basis.
While I and others wanted to get in at lower valuations, I don't think that is going to happen, it was too easy to spot on that last chart, so the contrarian in me thought it looked a bit like a complacency trap.
My sentiment is now long as I don't think the market wants to retest the bottom again anymore, clearly things keep turning and volumes seem to be picking up, and shorts may not be so eager to do so again.
I think here is an opportunity to get aboard, as before long we will be setting new coordinates based on 9-10k and then the 11-12k horizons.
This is not market advice.
Good luck to all.
The previous floor had been tested multiple times and held, so I have drawn a new trend line, in blue, from latest higher lows which actually connects back to the last low inside the green channel. I am not sure on the strength of this particular line, but as I start to look at the chart with fresh eyes, I have to include the new data, and start over, and so this is what I see.
Furthermore, we broke the downward trend line again, and I have repositioned a new one in purple, it is a flatter downward trend than previous, and like the one before that, etc. The point is, we are slowly running out of downward trend lines to draw from, as the ship here keeps turning.
It sets us up in what looks like another equilateral triangle, and which usually signifies a continuance to the latest market action.. as to which way things will break? I see this as a high degree of breaking to the bullish side.
This has all happened a little earlier than my first week of Aug prediction, however you have to go with what the market is telling you.
Some have speculated that the latest price spike is due to a short squeeze, which may cause a further decline in the number of sellers at these prices. Combine that with the amount of money waiting to get in, and we know this thing can take off at any time. As soon as it starts, it can grow by big numbers on a daily basis.
While I and others wanted to get in at lower valuations, I don't think that is going to happen, it was too easy to spot on that last chart, so the contrarian in me thought it looked a bit like a complacency trap.
My sentiment is now long as I don't think the market wants to retest the bottom again anymore, clearly things keep turning and volumes seem to be picking up, and shorts may not be so eager to do so again.
I think here is an opportunity to get aboard, as before long we will be setting new coordinates based on 9-10k and then the 11-12k horizons.
This is not market advice.
Good luck to all.
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