At a critical inflection point.
If we break the 100SMA (which aligns with the .786 fib by my Ultra-Bear target of sub 1,000) I can see us fighting the 200DMA at around 3,000.
We either get rejected today and the fireworks begin, or we get rejected in the next 1-2 weeks at the 200DMA.
Either case for the Ultra-Bear leaves current levels as great options for short...
I'm looking along a longer timeframe for BTCUSD.
By tracing the resistance channels and noting when those channels break, it becomes clear to me that we will need to retest the resistance as support prior to resuming our bull trend along a new and more aggressive channel.
No deep analysis, no wild FUD or calling of a double top to end the bull run, just a quick...
In early May we jump a previously established channel (note log scale and take all channel lines as guides, not exacts) and race to find our new ceiling.
We test the top and bottom of this channel multiple times mid-May to early July (excuse the coordination with bottoms of tails).
There is a clearly closing triangle that will pinch us in the next 2-6 days,...
I see a pattern replication that we've just completed our second major peak on. Expect a series of drops over the following days coincident with the fibonacci. I expect price to dip below $40, at which point buying is advisable in this bullish market.
