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Hi folks,
Bitcoin made a shallow 13.7% pull back and didn't really give much shorting opportunity during this reaccumulation zone, but TOTT managed to made few profits in a short trade between 63-62k (Although i messed with it)
Right now you may be wondering why Bitcoin hasn't already exploded and hit 100k. Just look at the mid line of the channel! That's why and it's our third visit of this mid line since last year.
If you look at last year November, when we first hit this trend line, you'll see the breakout was gigantic after 29 days of consolidation. After that, it made 115% in just 23 days in December.
Now, we have first hit this level back in October 15th. If we need a month of consolidation, we should be done by 13-15th of November which happens to be this weekend! We still have few more days and an unexpected shakeout is possible before the final move, perhaps on Friday may be?
Consolidation may take longer as the markup occured in December last year, but i don't think they have to perfectly match.
I think we'll see 100k this year and more in January. I've shared my pnf analysis many times before with a target of 144k, but here it is once again:
And guess what, re-accumulation count confirms 100k!
I think we are finally ready for that gigantic mark up!
HODL on tight!
Bitcoin made a shallow 13.7% pull back and didn't really give much shorting opportunity during this reaccumulation zone, but TOTT managed to made few profits in a short trade between 63-62k (Although i messed with it)
Right now you may be wondering why Bitcoin hasn't already exploded and hit 100k. Just look at the mid line of the channel! That's why and it's our third visit of this mid line since last year.
If you look at last year November, when we first hit this trend line, you'll see the breakout was gigantic after 29 days of consolidation. After that, it made 115% in just 23 days in December.
Now, we have first hit this level back in October 15th. If we need a month of consolidation, we should be done by 13-15th of November which happens to be this weekend! We still have few more days and an unexpected shakeout is possible before the final move, perhaps on Friday may be?
Consolidation may take longer as the markup occured in December last year, but i don't think they have to perfectly match.
I think we'll see 100k this year and more in January. I've shared my pnf analysis many times before with a target of 144k, but here it is once again:
And guess what, re-accumulation count confirms 100k!
I think we are finally ready for that gigantic mark up!
HODL on tight!
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