jjaskulowski
Just wait for it to break out, probably up
This drives me nuts but I need to wait because the real resistance zone is one wave higher then we are now.
As mentioned in previous post the head was a failed sell attack attempt. Now, to stay in trend we shell print right shoulder and proceed with wolfe pattern pattern (oversold results leter in overbought. THe dark blue line presents a projection of a target resistance for wolfe pattern
Usually what you get is that each impuls hits smaller band. First goes to 3rd deviation band, then 2nd, 1st and then the linear regression ("mean") in light blue. This time it went straight from hitting the third one and then back to the bull side. I am thinking of a bear trap here. The saing goes like this: "If you want to buy, try to sell first". Another one...
I might be seen as changing my attitute all the time but I do as new circumstances appear, and in this triangular squeeze it is normal.
1) We're out of flag channel (almost, right now) 2) Touching the MA 200 will be a support. 1+2) This will trigger bullish movement.
If we hold today at this green then we are officially at the light side of the force from now on.
The 200ma will be broken the horizontal resistance will unexpectedly broken causing an ejection of price. The next resistance will prevent the price to hit channel top. Either it will play out as i show or it will stop ar the middle line of channel and bounce of it, hit the bottom of channel and then go highe to the horizontal resistance (this is the less bulish...
I expect 360+ because we were oversold in this long term correction 100% sure
This graph shows all scenarios that I recognize and can imagine that the price of major cryptos can take in following weeks.
I'm starting to believe in 4500. Once we find ourselves below the blue lines we are in sell area. We are currently on H1 already. I think first stop 6200. Then a lot of hassle.
If this would be strictly probablilistic game then we are building more resistance areas and even if we break this closest one then we have another one. On the bottom side we have only one line to break. So I am bearish.
At the moment of writing bitcoin look really bearish. Momentum is definitely to to the downside and this is the decision point.