Its a bearish daily behavior to close in negative BB zone and touch lower band (which is nice daily support zone btw).
Also watch out weekly candle to close below upper BB.
So in this case price is usually doing a swing between daily 20 ma and weekly 20 ma. In steps:
1. Finding support not far bellow daily bottom BB band 2. Bouncing up back to daily 20 ma 3. Collapsing to weekly 20 ma
This is shown on picture.
Further bullish trend depends on whether price break down weekly ma 20 or not. Mid term trend is bullish as long as price stays in weekly positive BB zone.
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Price don't hurry to recover. If it was bear trap, it should bounce to positive BB zone immediately and entrench there. But this doesn't happen. Forecast is on track.
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1. Finding support not far bellow daily bottom BB band - COMPLETED
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2. Bouncing up back to daily 20 ma - IN PROGRESS
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Kinda step 2 completed, even not fully touching daily ma 20. Interesting.
Step 3 in progress!
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It touched eventually daily ma20 =) The alternative 2017-style bounce could be as shown on image. Touch upper BB and then collapse. I don't currently see legit count for mid term rally continuation above ATH.
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Elon Musk Insider Trading Group made my last pic real. All right! Forecast still on track!
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I reviewed past patterns and Fino extensions and came to conclusion the correction target of 21K is too pessimistic. It doesn't ruin long term bullish trend though. More realistic target is around 25k.
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In positive BB zone again. In short, here is either bull flag or pennant. From start I thought about flag (bearish mid term counter trend). Now I see there is a possible triangle (bull pennant).
Enky says and I continue to say, it is unlikely ATH to be broken in short term. Correction continues and I try to figure out here what type of correction is.
From the beginning i thought it would be big triangle and his first leg could go down to 21k. Then I realized 21K is too low and it could be something like 25K and it would be bull flag. Next, I saw next leg in correction could be even higher, around 30k it would be a pennant. And now I am considering about horizontal triangle. But don't have enough data so far.
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Bitcoin is currently under informational attack from Elon Musk. Elon Musk is new Roger Ver attracting people to another fork. But don't worry he will break his teeth also.
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Subscribers hint me about bearish wedge. It fits in my current vision very well.
@PentarhUdi, Agree, he is making a lot of money...he probably owns all dodge coin ...feel bad for people not understanding bias...and he is smart and knows what he is doing perfectly...
goodbad666
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@PentarhUdi, Elon is nice dude (146% better than Sechin ;). He just don’t like sec and hedge funds (coz of strategy to short companies till their bankruptcy). And he is aware that majority of hf are short btc rn. That’s it. Would be nice to short squeeze those mfs till their bankruptcy. But Anyway they gonna be saved by fed
oyontar
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@goodbad666, just like "Chancellor on brink of second bailout for banks"