Now this is (was) scary! (May 21 update)
BTC price manipulation to achieve a much needed retrace is one thing, but today's unexpected and brutal $8,300 plunge was downright mean-spirited and mostly hurt, in my opinion, the small investors.
Furthermore, I believe the current rise towards $38,000 is a head fake -- verified in part by the OBV indicator at 1 minute. Beware! Another downward plunge is very likely. While I don't believe BTC will fall below the previous $30,000 low, it could again bounce off the bottom line of the 14-month old price channel (shown in red). Depending on when, this bounce would be $30,500 - $31,000.
This parabolic-turn-around idea was originally published May 5 and most recently update yesterday. The unusual radial lines are described in my May 12 update.
Nothing I post should be construed as trading advice.
Sincerely,
Bullbearish
(I'm a Bull, but Bear happens.)
Furthermore, I believe the current rise towards $38,000 is a head fake -- verified in part by the OBV indicator at 1 minute. Beware! Another downward plunge is very likely. While I don't believe BTC will fall below the previous $30,000 low, it could again bounce off the bottom line of the 14-month old price channel (shown in red). Depending on when, this bounce would be $30,500 - $31,000.
This parabolic-turn-around idea was originally published May 5 and most recently update yesterday. The unusual radial lines are described in my May 12 update.
Nothing I post should be construed as trading advice.
Sincerely,
Bullbearish
(I'm a Bull, but Bear happens.)
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