Don't try it 'til you knock it
Nothing new here, same story for the last 2 weeks. Just preparing and setting a confirmation/update point on this chart.
Blue rectangles are downchannel breakouts (1 failed, 2 successful, 1 projected)
Downchannels: 1/3 - White; 2/3 - Orange; 3/3 - Red
Upchannels: 1/2 - Green; 2/2 - Blue
Yellow horizontal lines: We have a situation
Red Horizontal Lines: We have a PROBLEM
BTCUSD is comfortably retesting the more moderate 2/2 blue upchannel. The green 1/2 upchannel was unreasonably bullish, and BTC bears aren't yet ready to let fly from the long 1/3 white downchannel from December's ATH. The predicted breakout is unchanged, but will potentially move a couple days up or back depending on how enthusiastically we retest the bottom half of the blue downchannel.
Minimal price volatility in the face of normal fluctuating RSI and MACD trends could signal that a relative floor is established to draw the next cadre of "smart money" people and kick off the next leg up. This new virtual currency world needs to demonstrate some stability to punctuate the volatility in order to garner some market confidence from the public and newcomers.
Hence - "don't try it 'til you knock it."
BTC, and crypto as a whole, are not dimming from the public eye, but have seen limited expansion of money influx in the wake of Q4 2017 and subsequent declines. After an almost 75% drop of BTCUSD it makes sense that newcomers would hope to see some demonstration of stability before committing further funds to invest or expand. The upside is not guaranteed, but probable because of the limited supply nature. It is possible for more money to flow out of alts and further drag them down the trail of tears and accumulation, but if more money flows in from fiat then those will likely fare better as well. With the ongoing volatility and high prices in SPX or DJI, compounded with rising interest rates, etc., it might make sense for some more classically oriented investors to view crypto riskiness as diminishing if BTC can hold around 10k for a couple more days before the next breakout from the white downchannel drawn from December ATH.
* NOT A PRO * DYOR * TAKE YOUR OWN ADVICE *
Work the muck, and I'll see y'all come harvest time.
Blue rectangles are downchannel breakouts (1 failed, 2 successful, 1 projected)
Downchannels: 1/3 - White; 2/3 - Orange; 3/3 - Red
Upchannels: 1/2 - Green; 2/2 - Blue
Yellow horizontal lines: We have a situation
Red Horizontal Lines: We have a PROBLEM
BTCUSD is comfortably retesting the more moderate 2/2 blue upchannel. The green 1/2 upchannel was unreasonably bullish, and BTC bears aren't yet ready to let fly from the long 1/3 white downchannel from December's ATH. The predicted breakout is unchanged, but will potentially move a couple days up or back depending on how enthusiastically we retest the bottom half of the blue downchannel.
Minimal price volatility in the face of normal fluctuating RSI and MACD trends could signal that a relative floor is established to draw the next cadre of "smart money" people and kick off the next leg up. This new virtual currency world needs to demonstrate some stability to punctuate the volatility in order to garner some market confidence from the public and newcomers.
Hence - "don't try it 'til you knock it."
BTC, and crypto as a whole, are not dimming from the public eye, but have seen limited expansion of money influx in the wake of Q4 2017 and subsequent declines. After an almost 75% drop of BTCUSD it makes sense that newcomers would hope to see some demonstration of stability before committing further funds to invest or expand. The upside is not guaranteed, but probable because of the limited supply nature. It is possible for more money to flow out of alts and further drag them down the trail of tears and accumulation, but if more money flows in from fiat then those will likely fare better as well. With the ongoing volatility and high prices in SPX or DJI, compounded with rising interest rates, etc., it might make sense for some more classically oriented investors to view crypto riskiness as diminishing if BTC can hold around 10k for a couple more days before the next breakout from the white downchannel drawn from December ATH.
* NOT A PRO * DYOR * TAKE YOUR OWN ADVICE *
Work the muck, and I'll see y'all come harvest time.
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