Consolidation is the name of the game
Updated
There is a lot going on at the same time. BTC futures disrupting everything we know about crypto so far, major bear channel, potential bull channels. Major supports and resistances being tested, etc.
With all the uncertainty, I'm looking for 2 things:
1- consolidation. would be nice to see consolidation in an ascending triangle towards the testing of an important resistance or a pennant. This will be a nice signal that bulls are back in the field. Of course after this, I will be looking for a breakout.
2- Breaking the bear channel. Note that the ceiling of the bear channel can become triangular as we progress into the future.
Also keeping an eye on the 3 potential recovery channels in black, red and blue. They are great candidates for the bulls to re-assemble. all dotted lines can act as support or resistances, so looking for bounces out of any of them to get a hint of what structure btc is following.
I'm hoping it doesn't have to take this long to get out of this hole as the Chinese will be back in game soon, but with wall street in the game, even the whales are being cautious. We won't really know until we get validation on the 2 points above.
With all the uncertainty, I'm looking for 2 things:
1- consolidation. would be nice to see consolidation in an ascending triangle towards the testing of an important resistance or a pennant. This will be a nice signal that bulls are back in the field. Of course after this, I will be looking for a breakout.
2- Breaking the bear channel. Note that the ceiling of the bear channel can become triangular as we progress into the future.
Also keeping an eye on the 3 potential recovery channels in black, red and blue. They are great candidates for the bulls to re-assemble. all dotted lines can act as support or resistances, so looking for bounces out of any of them to get a hint of what structure btc is following.
I'm hoping it doesn't have to take this long to get out of this hole as the Chinese will be back in game soon, but with wall street in the game, even the whales are being cautious. We won't really know until we get validation on the 2 points above.
Note
This is still developing. We can still see a copy of what happened a few days ago.Note
I like this graph because it gives me a reality check. The current scenario that is developing is alarmingly similar to the previous one. Let's keep a cool head while we see BTC pick up. It is highly unlikely that we will make it out of this massive Bear trend in a few clicks. We have yet to see several Elliot waves and corrections.
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.