Bitcoin Myopia
Updated
It's very easy to forget about the bigger picture. The initial plan was for price to go to around 7400 before descending deep into mount doom at 5500. As shown by the pink lines. Price has broken out of the purple channel and these are the likely target and retracement areas.
However, zooming out we see there is in fact an orange channel. Assuming we're going to 15K in the next several months, price needs to do the same thing on this upper orange channel line - breakout/pullback. Therefore it's also possible we're going as high as 8500 with a rapid descent to mount doom at 4700 area, as indicated by the blue lines.
So which is the right solution.... time will tell.
However, zooming out we see there is in fact an orange channel. Assuming we're going to 15K in the next several months, price needs to do the same thing on this upper orange channel line - breakout/pullback. Therefore it's also possible we're going as high as 8500 with a rapid descent to mount doom at 4700 area, as indicated by the blue lines.
So which is the right solution.... time will tell.
Note
At this stage it appears the Pink setup was more right, however it does seem we have started our decent already.Note
The blue path it is then it seems.
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