Short post... or possibly not. We'll just see how motivated I get. But this is urgent!
This current 4-hour peak is going to tell us the story on what will happen next with BTC. Will it break out and start on a new parabolic rip to the up-side and start the next bull market? Or will it top out, and then follow the possibly-impending stock market crash in a huge ball of flames?
The chart is about to tell the story! Here's how...
As the 4-hour chart shows, we have yet again poked through the top of the parallel trading channel that has dictated the movement of BTC since June of 2019. I'm watching very closely to see if BTC will keep momentum and take out the previous peak on March the 30th. That's a very critical point to conquer, even though this is on the micro level, due to the possibly-impending market crash that all of the top stock market prognosticators are currently talking about. We still have a green candle forming, and it's too early to tell if it will push above the top of that candle and move forward, or if it has already finished the peak.
The stochastic is still looking very bullish. The gap between the fast and slow line is still wide open, and the dual lines are straddled above and below the 80% overbought line of demarcation. What we need to see is exactly how far the price will be pushed up by the time the stochastic reaches a peak above that boundary. If momentum is truly strong and the price eclipses the previous March 30th high before the stochastic reverses trend, we might have a breakout. Or, we could even experience a double hump at the top, and have another surge before the reversal takes place.
As I've always said, the story is told by whether or not the stochastic peaks returning a higher price, or if the peaks return a lower high. That is when the truth of this movement will be exposed. If we reach that peak before we take out the March 30th high, we could stay within the upper boundary of the parallel trading channel that marks the current bearish trend that has been dragging on for months on end. And I won't be a believer in all of the bullish breakout talk until I see that happen.
Even though this seems to be a clear chart read, we've got to keep in mind that NONE of this is really predictable from a technical analysis standpoint no matter how strong the evidence is. Reason is, we KNOW that this market is being completely and absolutely manipulated by "whales" who continue the same dirty tricks that we accuse the Feds of doing in the artificial printing of money into the supply of the US dollar. While we all claim that Bitcoin is the answer to the manipulation of our currency by the Feds, we've got another equally dirty "money" printer in the crypto world as well... and they use Tether as their tool to lord over the cryptocurrency sector.
I don't believe for one single minute that the Tether scam has not continued to this day, and we all know who is behind it. Just 2 months ago, NewsBTC released an article about the close correlation between the price of Bitcoin and the continued printing of Tether without 1-to-1 backing of the US dollar, and in just a 24-hour period at the time this article released, they had magically printed $161 million worth of Tether. You can read about it yourself right here.
Isn't it interesting that people are not even phased one bit about how far removed we are from the original plan that Tether was supposed to be backed 1-to-1 by the US dollar? I remember when we were once outraged when news broke that they were leveraging Tether at a nearly 10-to-1 ratio in the past, and it was a complete scandal. Now the unnamed crooks are printing Tether like the Feds with reckless abandon, and we don't even bat an eye. Instead, the masses now marvel at the exciting amazing pumps that come from out of the clear blue with no real scientific explanation, as moon-rocket dreams feed into the frenzy of those dreaming about $100,000 Bitcoins post-halving.
Has greed overtaken the same common people who vilify the US government and the Feds, clouding their ability to rationally analyze what is going on right now? Are we drinking the same Kool-Aid that the government has fed the masses who are easily manipulated into thinking that "free money" can be showered over the population from helicopters? Maybe so, maybe not. I could be dead wrong. But we are about to find out.
Don't listen to me though, because I'm no expert. I'm just a skeptic who loves watching the drama unfold. Just be careful out there, and watch who you listen to.
Carlton Flowers
The CryptoPro
This current 4-hour peak is going to tell us the story on what will happen next with BTC. Will it break out and start on a new parabolic rip to the up-side and start the next bull market? Or will it top out, and then follow the possibly-impending stock market crash in a huge ball of flames?
The chart is about to tell the story! Here's how...
As the 4-hour chart shows, we have yet again poked through the top of the parallel trading channel that has dictated the movement of BTC since June of 2019. I'm watching very closely to see if BTC will keep momentum and take out the previous peak on March the 30th. That's a very critical point to conquer, even though this is on the micro level, due to the possibly-impending market crash that all of the top stock market prognosticators are currently talking about. We still have a green candle forming, and it's too early to tell if it will push above the top of that candle and move forward, or if it has already finished the peak.
The stochastic is still looking very bullish. The gap between the fast and slow line is still wide open, and the dual lines are straddled above and below the 80% overbought line of demarcation. What we need to see is exactly how far the price will be pushed up by the time the stochastic reaches a peak above that boundary. If momentum is truly strong and the price eclipses the previous March 30th high before the stochastic reverses trend, we might have a breakout. Or, we could even experience a double hump at the top, and have another surge before the reversal takes place.
As I've always said, the story is told by whether or not the stochastic peaks returning a higher price, or if the peaks return a lower high. That is when the truth of this movement will be exposed. If we reach that peak before we take out the March 30th high, we could stay within the upper boundary of the parallel trading channel that marks the current bearish trend that has been dragging on for months on end. And I won't be a believer in all of the bullish breakout talk until I see that happen.
Even though this seems to be a clear chart read, we've got to keep in mind that NONE of this is really predictable from a technical analysis standpoint no matter how strong the evidence is. Reason is, we KNOW that this market is being completely and absolutely manipulated by "whales" who continue the same dirty tricks that we accuse the Feds of doing in the artificial printing of money into the supply of the US dollar. While we all claim that Bitcoin is the answer to the manipulation of our currency by the Feds, we've got another equally dirty "money" printer in the crypto world as well... and they use Tether as their tool to lord over the cryptocurrency sector.
I don't believe for one single minute that the Tether scam has not continued to this day, and we all know who is behind it. Just 2 months ago, NewsBTC released an article about the close correlation between the price of Bitcoin and the continued printing of Tether without 1-to-1 backing of the US dollar, and in just a 24-hour period at the time this article released, they had magically printed $161 million worth of Tether. You can read about it yourself right here.
Isn't it interesting that people are not even phased one bit about how far removed we are from the original plan that Tether was supposed to be backed 1-to-1 by the US dollar? I remember when we were once outraged when news broke that they were leveraging Tether at a nearly 10-to-1 ratio in the past, and it was a complete scandal. Now the unnamed crooks are printing Tether like the Feds with reckless abandon, and we don't even bat an eye. Instead, the masses now marvel at the exciting amazing pumps that come from out of the clear blue with no real scientific explanation, as moon-rocket dreams feed into the frenzy of those dreaming about $100,000 Bitcoins post-halving.
Has greed overtaken the same common people who vilify the US government and the Feds, clouding their ability to rationally analyze what is going on right now? Are we drinking the same Kool-Aid that the government has fed the masses who are easily manipulated into thinking that "free money" can be showered over the population from helicopters? Maybe so, maybe not. I could be dead wrong. But we are about to find out.
Don't listen to me though, because I'm no expert. I'm just a skeptic who loves watching the drama unfold. Just be careful out there, and watch who you listen to.
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.