Well missed
The blue upchannel holds up for now. Vdub Sniper has a sell signal triggered, but sitting at the top of that channel there's a comfortable cushion to drop before redrawing is in order. With the psychological barrier of 10k I'd expect it to keep above 10050, if that's broken, then 9950, and then 9550.
Below 9300 where that triple bounce happened on the "we have a situation" zone (yellow lines) things would be nerve-wracking, and below 8500 in the "WE HAVE A PROBLEM" zone (red lines) there would likely be a loss of confidence leading to a return to the orange 2/3 downchannel and bearish hell for a while longer.
The light blue boxes show downchannel breakouts. There was one early failure (on 3/3 in red), followed by two successes (on 3/3 and 2/3). I've gone ahead and projected where I anticipate the fourth breakout from the 1/3 white downchannel; its success or failure would depend on how BTCUSD price action in that projected box. She often outpaces my anticipation though.
By the title "Well missed" I mean that the purple parallelogram wasn't hit as my starry-eyed target in time(though its floor price was soon after originally projected). Hitting that would've been a sign that the eager bullishness coming away from the sub-6k bottom hadn't been damped by downchannel 1/3 and would have been in the "unreasonable" green upchannel. Missing it means that there is some tempering of the bullish exuberance and longer holders with stronger hands forming than just spiking right up back to the 11k- 11500 zone there; I still think that would've precipitated larger drops than I want to see.
I'm fine with slips, but I don't like drops, and whatever you do... Don't let that damn bear back in this house!
* NOT A PRO * DYOR * TAKE YOUR OWN ADVICE *
Work the muck, and I'll see y'all come harvest time
Below 9300 where that triple bounce happened on the "we have a situation" zone (yellow lines) things would be nerve-wracking, and below 8500 in the "WE HAVE A PROBLEM" zone (red lines) there would likely be a loss of confidence leading to a return to the orange 2/3 downchannel and bearish hell for a while longer.
The light blue boxes show downchannel breakouts. There was one early failure (on 3/3 in red), followed by two successes (on 3/3 and 2/3). I've gone ahead and projected where I anticipate the fourth breakout from the 1/3 white downchannel; its success or failure would depend on how BTCUSD price action in that projected box. She often outpaces my anticipation though.
By the title "Well missed" I mean that the purple parallelogram wasn't hit as my starry-eyed target in time(though its floor price was soon after originally projected). Hitting that would've been a sign that the eager bullishness coming away from the sub-6k bottom hadn't been damped by downchannel 1/3 and would have been in the "unreasonable" green upchannel. Missing it means that there is some tempering of the bullish exuberance and longer holders with stronger hands forming than just spiking right up back to the 11k- 11500 zone there; I still think that would've precipitated larger drops than I want to see.
I'm fine with slips, but I don't like drops, and whatever you do... Don't let that damn bear back in this house!
* NOT A PRO * DYOR * TAKE YOUR OWN ADVICE *
Work the muck, and I'll see y'all come harvest time
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