BitcoinLong
We broke the pattern upwards! The Good, the Bad, and the FUD.
We broke the wedge today. We haven't tested any of the resistances above, but we reversed from catastrophe for now, at least. We seem to be slowly flagging up now instead of down. At least in the short-term, it's hard to see us not at least going up to test those resistances.
My call yesterday after we crashed the 7690 line looks dead wrong. The eternal bull market isn't dead yet. It does, however, still have some work to do to actually prove out that this wedge break is truly the end of the correction.
...and it's got to do it relatively quickly. Basically, we need to push successfully through the next couple of resistances... or we might just be making another giant week-long bear flag again. The bullish scenario has us surge through the next few resistances (~8500 and the 8824 Fib line by my reckoning) which breaks up the bear flag pattern. The bearish scenario is we don't break easily through and then that forms pretty much exactly the same pattern that brought us to the brink over the past two weeks.
So, I guess we'll see what develops. G20 news was a day early and really positive. Frankly, to get that news and then sputter out quickly would be incredibly ominous and should put us on crash pattern death watch, so I would guess we're more likely to succeed and at least to test some of these resistances.
I am an amateur and you should definitely not take anything I say as financial advice. (Heck, if you listened to me you were a lot less likely to catch the big opportunity today - there were plenty of other people who made the opposite call who got it right for the right reasons.) I'd love any feedback.
My call yesterday after we crashed the 7690 line looks dead wrong. The eternal bull market isn't dead yet. It does, however, still have some work to do to actually prove out that this wedge break is truly the end of the correction.
...and it's got to do it relatively quickly. Basically, we need to push successfully through the next couple of resistances... or we might just be making another giant week-long bear flag again. The bullish scenario has us surge through the next few resistances (~8500 and the 8824 Fib line by my reckoning) which breaks up the bear flag pattern. The bearish scenario is we don't break easily through and then that forms pretty much exactly the same pattern that brought us to the brink over the past two weeks.
So, I guess we'll see what develops. G20 news was a day early and really positive. Frankly, to get that news and then sputter out quickly would be incredibly ominous and should put us on crash pattern death watch, so I would guess we're more likely to succeed and at least to test some of these resistances.
I am an amateur and you should definitely not take anything I say as financial advice. (Heck, if you listened to me you were a lot less likely to catch the big opportunity today - there were plenty of other people who made the opposite call who got it right for the right reasons.) I'd love any feedback.
My volatility-based indicators are available for sale at SharkCharts.live
Feel free to reach out to me with any questions; more information is available on the SharkCharts website and the SharkCharts discord discord.gg/YVpTeSK
Feel free to reach out to me with any questions; more information is available on the SharkCharts website and the SharkCharts discord discord.gg/YVpTeSK
My volatility-based indicators are available for sale at SharkCharts.live
Feel free to reach out to me with any questions; more information is available on the SharkCharts website and the SharkCharts discord discord.gg/YVpTeSK
Feel free to reach out to me with any questions; more information is available on the SharkCharts website and the SharkCharts discord discord.gg/YVpTeSK
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