Very erratic movement on the BTC price line since my last published idea. I can honestly say I did not see this coming. After the dubious higher/lower-high at point 3, Bitcoin went on a mini tear that just about convinced me we had finally broken through the top of the forever-long parallel trading channel. Then it ended like a dud firework rocket at a 4th of July backyard family get together.
So while BTC jumped out on top of the parallel trading channel like a flying fish shooting through the surface of the ocean, the fish has immediately come back down and re-submerged itself. But while it was flying free, far above the surface of the intrepid ocean, I did notice that the price line was magically sticking to the 4.618 Light Blue fib circle ring. After the 4.618 line acted as support for 2 to 3 touchdowns, it broke through and now looks like resistance. Absolutely uncanny how these fib rings act as boundaries, predicting the stop off points for the price action.
Since we poked through the 4.618 and are now approaching it again, there's a good possibility that it will act as a resistance. Look for a possible pivot to the down-side when we get to that 4.618 ring again.
Also take note that I added the red negative sloping trend line. This is just a guesstimate average of the dips since the trend has reversed. If we bounce along that line enough times, we could fall through and it also could become resistance.
We are still in the middle-zone on the stochastic, so technically speaking, anything is possible. We definitely have enough real estate open on the positive side to bring a strong price bounce. But the overall price line is showing a clear momentum to the down side. So it's best to plan for continued bearish movement.
Check out my [url=youtu.be/aRhGtoNdjsQ ]latest video here, and I will explain in more detail what I see on this chart. It also includes a shorter XRP analysis. Post your comments, I'd love to hear your thoughts about this. And please remember, I am NOT your genius financial wizzard. I'm just a crypto addict who likes to call the action as we ride the waves!
Carlton Flowers
The CryptoPro
youtu.be/aRhGtoNdjsQ
So while BTC jumped out on top of the parallel trading channel like a flying fish shooting through the surface of the ocean, the fish has immediately come back down and re-submerged itself. But while it was flying free, far above the surface of the intrepid ocean, I did notice that the price line was magically sticking to the 4.618 Light Blue fib circle ring. After the 4.618 line acted as support for 2 to 3 touchdowns, it broke through and now looks like resistance. Absolutely uncanny how these fib rings act as boundaries, predicting the stop off points for the price action.
Since we poked through the 4.618 and are now approaching it again, there's a good possibility that it will act as a resistance. Look for a possible pivot to the down-side when we get to that 4.618 ring again.
Also take note that I added the red negative sloping trend line. This is just a guesstimate average of the dips since the trend has reversed. If we bounce along that line enough times, we could fall through and it also could become resistance.
We are still in the middle-zone on the stochastic, so technically speaking, anything is possible. We definitely have enough real estate open on the positive side to bring a strong price bounce. But the overall price line is showing a clear momentum to the down side. So it's best to plan for continued bearish movement.
Check out my [url=youtu.be/aRhGtoNdjsQ ]latest video here, and I will explain in more detail what I see on this chart. It also includes a shorter XRP analysis. Post your comments, I'd love to hear your thoughts about this. And please remember, I am NOT your genius financial wizzard. I'm just a crypto addict who likes to call the action as we ride the waves!
Carlton Flowers
The CryptoPro
youtu.be/aRhGtoNdjsQ
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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.