Trend reversal on Bitcoin and ALTS 01/08/2020
Updated
I am expecting a trend reversal on Bitcoin and ALTS tomorrow, 01/08/2020. This is due to the high likelihood of Bitcoin 7 day volatility printing a TD sequential 9. In recent Bitcoin price history then has been the top of trend reversals (to the upside or the downside). In addition to that is horizontal resistance of around 11.4k, from both 2017 and 2019 and generally over brought conditions. There is also the large CME gap at around 9.6k. With all of the moon boy behaviour at the moment a good long squeeze is called for.
I am expecting a swift move back down to under 10k, starting 01/08/2020 and lasting for several days to a week at least. It may even retrace heavily.
BTCUSD
BVOL7D
I am expecting a swift move back down to under 10k, starting 01/08/2020 and lasting for several days to a week at least. It may even retrace heavily.
BTCUSDBVOL7DNote
Printing a TD 9 on the daily, in a rising wedge and finalising in what look like a blow off top. New month to, so futures settlements should be less of an issue. There is too much conflluence here to ignore. The longs are also reaching historical levels, after which long squeeze's tend to happen. I would start taking profits here. Remember, the crowd is always wrong. Stairs up, elevator down.Note
Told ya.
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