So sorry guys, I published an idea but I guess I had my last click on the Gold chart when comparing and it put the idea under XAUUSD. So I'm just going to publish a duplicate so we all know this is long on BTC.
I know I have some big fans out there of my Gold -0.30% and BTC 0.44% trend comparison idea. There's a reason why... it's working!
I've reduced the BTC 0.44% chart to the hourly vs Gold -0.30% on the daily and narrowed the charts to a smaller time frame for a closer look, where even smaller candlestick patterns are playing out freakishly similar. If you take a look at my last comparison idea and press the play button, you'll see BTC 0.44% following the blue trend I laid out on a larger time frame.
I am trying to see where the stars align with this stunning similarity as it pertains to the current BTC 0.44% chart. What makes the most sense when you look at where BTC 0.44% is and how it's been following this Gold -0.30% pattern step for step, is that BTC 0.44% is about to pump to the log resistance. It's been moving sideways for the past 5 days, as I said it would, and I don't think the bulls are out of steam yet. This setup is too perfect.
In the first surge 6 days ago for BTC 0.44% (second blue box from the right), BTC 0.44% had a monster move of 12.25% compared to Gold's 11.81% In the first dip following that move, BTC 0.44% took a dump of 6% from its recent high of 8430 to 7874. Gold -0.30% , by comparison, dumped 5.4% When you look at the next move in the Gold -0.30% chart, you see a surge of around 13.8%. If BTC 0.44% is to follow, which I believe it will, we should see around a 14.2% increase from here, which would put us around 9K
There's a huge resistance at 9K and the bulls may run out of steam there. This would put us breaking thru the 4 month long log resistance, but with this 40% move up in 10 days, I expect it to be short-lived after some sideways movement like you see in the Gold -0.30% chart after its 13.8% surge. 9K IS INCOMING. YOU HEAD IT HEAR FIRST! There's still quite a bit of bearish sentiment out there and the belief that $4-5K is incoming. I say no. I am not a bull, but I am the Dark Horse, and the Dark Horse performs against all odds.
I think we see this move by the weekend. I'm bullish on this comparison.
Give me a like and a follow if you are bullish on my ideas. Appreciate the support and following.
-Dark Horse
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Allow me to clarify my position here. The log resistance around 8750 will serve as major resistance and 9K horizontal resistance line will be even bigger. I think we will end up somewhere between the two (possibly touch 9K) get rejected and correct heavily before building up enough steam for bulls to break 9K convincingly and turn it into support. For now, the 9K horizontal resistance and the 8.75K log resistance are heavy resistances and I expect them to play out as such. We may go down to the bottom of my blue channel before we make the move up, which would move the top of the anticipated surge down to 8,750. Regardless, I think there is a pump incoming in the next few days that will top out somewhere between those two points.
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Things looking good! Headed to 9K!! Ya boy has been on fire with these calls.
You have some very underrated charts man keep them coming! here's my longterm market cycle study
DRKHORS
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@Dalin_anderson, Wow, you nailed it. Great job. Appreciate it, will do!
CRYPT0VEST
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short term is not possible even if you are comparing both, you can see that btc ill still go under 7k by comparing with that other chart, retracement is coming after that yes , an up trend
Could you clarify this for me. Do you see it as being a 9k new short-term or long-term support line?
DRKHORS
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@BTCStrategies, I think that log support around 8750 will serve as major resistance and 9K horizontal resistance line will be even bigger. I think we will end up somewhere between the two, get rejected and correct heavily before building up more steam for bulls to break 9K convincingly and turn it into support. For now, 9K and 8.75K are heavy resistances and I expect them to play out as such
Breaking that trend line like that is almost impossible. It has not happened in BTC's history. See this chart to see what I mean
cI8DH
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The recent price action after the spike, does not look like a "running triangle" (a continuation pattern). It resembles more to the three previous fractals which led to double tops and then drop. It is very likely that we double top again because the next uptrend will exhaust by the time it reaches the log down trendline near 8.4k (perhaps 3rd or 5th EW). BTC historically has reacted to this log trendline very strongly as you can see in my latest TA. See this chart for fractals