Pardon the humor in the title, but please take note that the wick on the 4-hour red candle currently being printed has touched down onto the light blue 4.236 fib circle ring that we KNOW has magical pivotal powers.
We know from history that this means a pivot is highly possible. But which way will it go? It will DEFINITELY go up, or down! But seriously, at this point I think it is 50/50. The stochastic on the 4-hour chart is right in the middle. The stochastic on the 1-day chart is at the 60% point. While both charts show a reverse in direction, there's no guarantee that it will continue in the negative trajectory. The 1-hour chart shows the stochastic just above the 20% boundary, which means we certainly could drop lower within the hour.
The prognosticators and blowhards on YouTube are currently divided. There are those calling for a liftoff to the moon, and others calling for a dive deep down into the abyss. Whatever the case, I think it is too early to tell. But in the overall, I am still of the belief that we are in a bearish pattern in the macro. Until we take out the $14,000 level, I don't think anyone has any business calling for a bull run based on the scant data that we have right now. As a matter of fact, until we blast past $20,000, we don't have any business calling for a bull market.
Keep in mind, we're still trading within the range of the previous range... like an ever-tightening envelope. There's nothing monumental going on here. Add to that the fact that the stock market could be on the brink of another disastrous drop, and I think we should all cool our jets on the BTC bullish breakout talk and be VERY careful.
Carlton Flowers
The CryptoPro
We know from history that this means a pivot is highly possible. But which way will it go? It will DEFINITELY go up, or down! But seriously, at this point I think it is 50/50. The stochastic on the 4-hour chart is right in the middle. The stochastic on the 1-day chart is at the 60% point. While both charts show a reverse in direction, there's no guarantee that it will continue in the negative trajectory. The 1-hour chart shows the stochastic just above the 20% boundary, which means we certainly could drop lower within the hour.
The prognosticators and blowhards on YouTube are currently divided. There are those calling for a liftoff to the moon, and others calling for a dive deep down into the abyss. Whatever the case, I think it is too early to tell. But in the overall, I am still of the belief that we are in a bearish pattern in the macro. Until we take out the $14,000 level, I don't think anyone has any business calling for a bull run based on the scant data that we have right now. As a matter of fact, until we blast past $20,000, we don't have any business calling for a bull market.
Keep in mind, we're still trading within the range of the previous range... like an ever-tightening envelope. There's nothing monumental going on here. Add to that the fact that the stock market could be on the brink of another disastrous drop, and I think we should all cool our jets on the BTC bullish breakout talk and be VERY careful.
Carlton Flowers
The CryptoPro
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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.