Mirror
The Cat Theory & the Major Resistance Ahead - Bitcoin is felineHey everyone,
I usually post more on weekends and here's another look at how Bitcoin and XBT price could move in the mid future. Yesterday, I posted a chart that talks about time and how I've mastered it.
There are 5 main points to talk about on this chart:
1- Major past support and future resistance area
2- The 134-day stagnation zone that turned our lives into hell
3- The mirror trend and those two egg-shaped ellipses
4- The 8 times bears failed to drop the price down but succeeded on the 9th attempt - 134 days ago (Is Bitcoin a cat?) :/
5- Will it take 8 failed and 1 last successful attempt to bring the price back up above that resistance line?? (Can a cat do a phoenix?)
Look at this chart closely. It says way too much.
That resistance/support rectangle at the 6,000$ level is HUGE. It's unbelievably powerful and it took 9 attempts in the past to break below it. Breaking that support line took us on a freefall into that stagnation zone between the $3,000 and $4,200 range. Now at this point, Bitcoin and crypto people got too tired as we were just out of panic phase and into CAPITULATION. The stagnation lasted 134 tiring days and I was one of those people who was actively watching that market and having some fun on BitMEX.
From the look of it and the recent bullish rally, I can say that we are currently in DISBELIEF phase (or in other words, the sucker's rally). Things are looking great, people do not believe what they're seeing and they are getting ready for that hyperbolic rally.
No, we're not there yet. I know many of you will hate me for saying this, but we are still a long way off that hyperbolic rally. Give it a few months. It will take time.
Why do I say this?
It's that major resistance line above us.
On 14th and 15h of July 2018, Bitcoin bounced back up from that support and made us think that we were back on track to new all-time highs. That was clearly the DENIAL phase as people were saying bitcoin was the future of all currencies and that it was just cooling off. They were wrong. Now when that rally failed, I knew that the price would break below that green psychological barrier and if you read my last post, you will see that I accurately predicted that the price would plunge below it somewhere between the 9th and 15th of November.
The two egg-shaped ellipses and the mirror scenario. There's a really nice saying that goes like this: "Some days I think I look kind of cute, but other days I try to avoid the mirror." This is the case with the mirror scenario and those two egg-shaped ellipses in there. The day will come soon when we will think that it's looking so good, but then one day we will wake up and see Bitcoin form a new lower/higher low parallel to that stagnation zone.
It remains to be seen if Bitcoin will try to dump out the weak hands one more time and whether we will have multiple attempts before breaking above the green psychological resistance level or would we slice it open much faster.
I personally believe the most likely scenario is the one shown on my chart.
I will bring more updates to prove my followers that I'm a master of times and an expert of charts. xD
Thank you for reading dear friends.
See you in the next one!
