The market accepts this trendline as support:
This is the second bounce off this trendline... Nice...
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Ironically you see where it caught the Bid? The trendline which is not surprising. This is only a bounce before lower unfortunately. Needed a story line to relieve the downward pressure again.
Headed below the feb lows soon...what happens there matters
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Only if it does not take out 10k with this rise. I am aware of this as an alternate scenario.
But BTC is bullish until it is not bullish anymore. Not the other way around.
If I see a strong bearish move in the 9000-10000 resistance area, I will sell 80% of my crypto holdings, because the target would be lower than you would probably imagine ;-)
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My break of the Feb lows has a target of a 4000 break. That is when bitcoin has dropped over 80% of its value from the peak and where we likely bottom. I believe taking out 10k with this rise only prolongs this consolidation period of months and would be the worst thing that could happen. Bitcoin has not and will not bottomed until we get capitulation bottoming action, not front running of support.
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From an EW perspective I don't see any way for this to still be part of the correction, if 10k gets taken out with this move up.
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Projecting that far ahead is nearly impossible, charts may look entirely different
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is a symmetrical move not in the running here? why not set a higher low here at 7k, then a lower high at 8.5-9k ish then one more move to the lower end before breaking out. i woulda thought this is the most obvious path.
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If you only look at BTC, yes. But there are some other very well known coins in the top 50, which are looking like they are about to explode. That does not make sense, if BTC crashes far below 6400 soon.
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ur right it doesn't make sense, so are you considering an Alt breakout to start a BTC reversal?
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I think BTC is faking a bearish outlook by doing a very deep wave 2 correction to scare people off.
We cannot know for sure, if this is going to be a impulse or a triangle wave B correction... I need more price data.
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Thanks alot for this post. It was very helpful and informative.
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Following you :)
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Keep up the good work ew-and-patterns. Nice indeed... We just uploaded a new BTC Technical Analysts Daily Summary. Go check it out and give us a vote please.
https://steemit.com/bitcoin/@btc-hunter/bitcoin-technical-analysis-analysts-opinions-may-31st …
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