Okay folks, this is exciting! And it's too significant of a move to NOT report! As you can see, BTC just printed a candle that topped out EXACTLY on the top of the parallel trading channel. I did not think this scenario would play out, but in my last idea I talked about a possible massive pump to the top of the trading channel where the truth would finally be told on the possibility of a trend reversal. Well, here we are!
Right now, on the 4-hour chart, the candle clearly tops out at the upper trend line of the channel, with the wick poking through the line. If that candle closes above the top of the trading channel boundary, we might be in for some massive bullish action. But if we bounce on that ceiling and lose momentum, I'm losing my faith that this move is even sustainable.
Do you notice how the previous channel peaked out exactly on the Light Blue 3.618 fib circle ring, then touching back down, taking a rest, and pumping again right off of that same boundary? It's uncanny. For a while, I thought the big green candle was forming out in the "no-man's land" area between the rings, and I couldn't find any evidence that the magical fibs were predicting this... until that big green candle's wick topped out exactly on the Light Blue 3.618 ring. How can you even make this up? It blows my mind.
So... WHAT'S NEXT?
Well, for starters, we've got the Green 4.618 right in front of us. BTC sailed right through the Green 4.236 without much of a bump. So there's the possibility it does the same here. Or it could make another strong pivot to the up side, or down side. Now that we've seen all of this hot pivotal action on the Light Blue fib circle set, we know that the intersection of the Light Blue 3.618 and 4.236 with the Green 4.618 could both be targets depending on which way we break. Or none of this could happen and BTC could make fools of us all.
The only piece of evidence that gives a little bit of a clue on which way it breaks is the current positioning of the stochastic on the 4-hour chart. AT THIS VERY MOMENT, the blue fast line has overtaken the red slow line, at what appears to be a stochastic peak. It's sitting at like 95% in the overbought area. As always, we could experience a "double hump camel" scenario, where the stoch takes another bounce on top of the 80% border. But it's indicating a reversal for now, and that's all I have to go by.
WAIT! Trash everything I said! I have been looking at the 1-day chart the ENTIRE TIME I have been writing this! Best not to make any financial decisions based on what I say unless you want to lose 100% of your money, and even your underwear. "That being said", the 1-day chart is even more damning than the 4-hour chart, and reinforces everything I said above even though I stupidly thought I was looking at the 4-hour chart.
Can you tell it's past my bedtime?
Carlton Flowers
The CryptoPro
Right now, on the 4-hour chart, the candle clearly tops out at the upper trend line of the channel, with the wick poking through the line. If that candle closes above the top of the trading channel boundary, we might be in for some massive bullish action. But if we bounce on that ceiling and lose momentum, I'm losing my faith that this move is even sustainable.
Do you notice how the previous channel peaked out exactly on the Light Blue 3.618 fib circle ring, then touching back down, taking a rest, and pumping again right off of that same boundary? It's uncanny. For a while, I thought the big green candle was forming out in the "no-man's land" area between the rings, and I couldn't find any evidence that the magical fibs were predicting this... until that big green candle's wick topped out exactly on the Light Blue 3.618 ring. How can you even make this up? It blows my mind.
So... WHAT'S NEXT?
Well, for starters, we've got the Green 4.618 right in front of us. BTC sailed right through the Green 4.236 without much of a bump. So there's the possibility it does the same here. Or it could make another strong pivot to the up side, or down side. Now that we've seen all of this hot pivotal action on the Light Blue fib circle set, we know that the intersection of the Light Blue 3.618 and 4.236 with the Green 4.618 could both be targets depending on which way we break. Or none of this could happen and BTC could make fools of us all.
The only piece of evidence that gives a little bit of a clue on which way it breaks is the current positioning of the stochastic on the 4-hour chart. AT THIS VERY MOMENT, the blue fast line has overtaken the red slow line, at what appears to be a stochastic peak. It's sitting at like 95% in the overbought area. As always, we could experience a "double hump camel" scenario, where the stoch takes another bounce on top of the 80% border. But it's indicating a reversal for now, and that's all I have to go by.
WAIT! Trash everything I said! I have been looking at the 1-day chart the ENTIRE TIME I have been writing this! Best not to make any financial decisions based on what I say unless you want to lose 100% of your money, and even your underwear. "That being said", the 1-day chart is even more damning than the 4-hour chart, and reinforces everything I said above even though I stupidly thought I was looking at the 4-hour chart.
Can you tell it's past my bedtime?
Carlton Flowers
The CryptoPro
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.