BTC may sit stagnant for months
Updated
This is a thought exercise. The thought was "What if I toss on Bollinger bands and draw arcs following the bands more so than the price action itself?" We have here a few arcs. The red arc is our current macro wave's resistance. If we stay under this red line, we'll see a return to volatility quite soon in the form of a drop. If the green support arc or the blue upper resistance arc hold, we'll see a stagnant BTC for several weeks and it may not be clear which of those two arcs we're following until mid to late September. The worst case scenario depends on your portfolio arrangement. If you're altcoin heavy right now, then that immediate drop would suck for a few weeks whereas ongoing stagnation would help your profile for a few weeks. Looking at it this way, I'm definitely of the belief that Bitcoin is going down for a long time at one of two speeds. Which support level we'll bounce off of, I can't say for sure. I think 6500 is the absolute bottom. The big takeaway here is that if any of these arcs are valid, Bitcoin will not experience a rise of note for one to five months. So if you're tired of the consolidation unfolding now, then... Haha? Idk, man. This is weird. Any number of things can invalidate this flow chart and I really hope one of them does. If any of these are right, then I wanna be wrong.
Order cancelled
We tested the uptrend resistance and broke through. Woooooo!
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