BrentEdward

BrentEdward

Well you may be able to keep riding this coaster if you are short... quite contrary to the signs you would normally see at a theme park, but I digress.. We broke that support line.. heck, I even turned off log on the chart to give it the best chance of not breaking it, but we did anyways. Unless this turns around quickly as in a false breakout, then I think this...

BrentEdward

So we broke the last down trend, and have redrawn the new flatter line, which matches up with our lower support line, giving us another symmetrical triangle. We are also approaching the 61.8% retracement of the latest lower high, and so there is a potentially a buying opportunity coming up soon. I think this breaks to the upside, if the support line holds. ...

BrentEdward

So here is what my updated chart looks like. I kept the historical bullish channel in green, as we always could go back to that channel, but more importantly, it at least gives us some hints on the historical timeline, and the top of that channel could be used like a bit of a floor, perhaps.. The previous floor had been tested multiple times and held, so I have...

BrentEdward

Updated chart to remove bearish channel, as we have broken out of that, but drew a new down trend line that we will have to cross out of, in order to start a new bull run. I still like buying in the gold area, if we can get there. As time marches on, we will eventually enter the green long term bullish channel which should eventually force a new rally, but it's...

BrentEdward

I am now looking at the bearish channel as it intersects the long term bullish trend. As time goes by, I think the purple levels don't hold, and the light blue 3k area gets lost on the time horizon, so I am now pinpointing the yellow area. This still assumes the long term bullish channel holds true, and it has been awhile since btc has traded in this channel,...

BrentEdward

BTC needs to return back to it's traditional channel. I would look to go long at the 2700-3500 range, possibly in the early August timeframe. There isn't much to hold up the prices here, so I think it will continue to trickle down gradually. Once we get closer to the bottom line of the channel, I think you will start to see lots of Institutional money start...