Look at the triangles. I have drawn two.
The first is a symmetrical. About a week ago, I posted a chart with both of these triangles, but I had drawn the top line too low. I soon realized that there was another top line the market was respecting more. I have re-drawn this. You can see we have respected this line six days in a row! In fact, we are running out of room inside this triangle. By Friday, we should know which direction we'll go. Probability suggest we will pop up. If that is the case, we should continue an upwards trend to around 15k by the end of the year.
The second triangle is descending. There is a chance we go down out of the first symmetrical triangle. If this is the case, we would hit the floor of the second triangle around $9300 before further decision as to which way we continue. The market will then have another (2) two weeks or so to decide what it want to do.
Even if we did drop out of the first and the second triangle, I don't imagine we'll go much below the 200 day in red rising up. Maybe a touch of $8000 and then "go"!
Again, in my view, everything is looking positive for 15k sometime before the end of the year but remains neutral for now.
Good luck and happy trading!
The first is a symmetrical. About a week ago, I posted a chart with both of these triangles, but I had drawn the top line too low. I soon realized that there was another top line the market was respecting more. I have re-drawn this. You can see we have respected this line six days in a row! In fact, we are running out of room inside this triangle. By Friday, we should know which direction we'll go. Probability suggest we will pop up. If that is the case, we should continue an upwards trend to around 15k by the end of the year.
The second triangle is descending. There is a chance we go down out of the first symmetrical triangle. If this is the case, we would hit the floor of the second triangle around $9300 before further decision as to which way we continue. The market will then have another (2) two weeks or so to decide what it want to do.
Even if we did drop out of the first and the second triangle, I don't imagine we'll go much below the 200 day in red rising up. Maybe a touch of $8000 and then "go"!
Again, in my view, everything is looking positive for 15k sometime before the end of the year but remains neutral for now.
Good luck and happy trading!
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P.S. - If the $9800 support holds us, we'll do a surprise reversal and start heading up right away. However, this is not as likely.
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Back inside our triangle. Wow! What a head fake!
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And above 10k.
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Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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Our next support is the bottom of that second triangle at $9300. Again, we could hang around inside of this second triangle until the beginning of October. We'll see.
Stay tuned.