The_GoldFinch

The_GoldFinch

Take the lines with a grain of salt. Fitting them to an exact time frame is nearly impossible. More or less, you're looking for the pattern. As you can see, we did wick up into that resistance area previous marked 23.7-24k and was immediately pushed down to it's current range. For it to look completely bearish, it has to break that 22.2k-22.3k line, retest and...

The_GoldFinch

Updated chart from my previous chart with squiggly lines. We're looking at bearish bearish divergences, but there is strength in the market, so be on the look out for a catalyst to send this back down. This could be TSLA earnings, GDP, PCE report, the next FOMC meeting, etc.

The_GoldFinch

I see one of two possibilities. Either BTC breaks the 22400 level, and follows the bearish MACD divergence to the downside OR it fakes out, creating a greater bearish divergence, possibly hitting 24k area before making a significant down side move.

The_GoldFinch

Sooo, I was dead wrong last month and be the first to admit that one. I was overly bearish, anticipating them to reach the bottom faster than not. However, now that we've received a decent rally, and MANY are "bullish", I believe a trend switch is coming and before it squeezes because many are anticipating/hoping for a squeeze. Yes, there's a huge gap that...

The_GoldFinch

We're still well within our time frame for a short term rally as previously indicated (Maybe 21.6-21.8 range) before collapsing back into the triangle. After it re-enters the triangle, the range may get REALLY right before it either breaks outward or downwards; however, I suspect downward as the overall macroeconomics are still negative.

The_GoldFinch Updated 

BTC rallies back to 21.7-21.8k on better than expected CPI numbers and individuals believe inflation is slowing. Several hours after a positive rally, it loses steam and collapses again, and is volatile going into the weekend as bulls and bears fight for direction and interruption of the CPI data. Sunday or Monday, it cracks through the symmetrical triangle...