A market moves only UP or DOWN right? NOT REALLY.
Did you skip the accumulation phase? What? Accumulation? YES! Lets move ''SIDEWAYS'' . What SIDEWAYS?! That's boring! No! It would actually be GOOD:
An accumulation phase is a sideways channel which happens AFTER a downtrend. The price no longer bleeds down and doesn't breakout either. This is a transitional phase to a bull market. Do not think we suddenly go moon after a downtrend.
Here is a link for your reference. Put this up next to my chart ok? -- http://d.stockcharts.com/img/articles/2015/07/1435783650198402906768.png
- I think there is a really good chance that we have entered an accumulation phase right now.
The bottom would have been 6400. (SPRING) After that the market tried to destroy 6500 again. But it failed! Yes that's RIGHT! It could not do it!
- Also our patterns have changed and no longer follow the shapes that we made in the . There structure is different now.
- If you visit the google trends page, we have flattened out. This means the market is back in the STRONG HANDS! --- https://trends.google.com/trends/explore?q=bitcoin --
- This week we will play a game of KING of the HILL . The bulls need to keep the level of 6500 safe. If they can we WIN!
- In order to invalidate the accumulation phase, we should lose 6500 to the bears. If they take that back we lose.
I think it is a little bit to soon to attempt breaking out. There is also a big resistance level at 72xx that can be drawn all the way from the 11k top.
So my scenario would be that we kiss 72xx, drop down and find support at 68xx on wich we breakout later next week.
If we would reach 72xx we might want to scout for a big divergence on a bigger timeframe to confirm this move
Now comes an important moment.. If we fall to 6500 and confirm it as a strong bottom. We confirm this accumulation phase.
An update to a new pattern I just found.
I believe we are close to the bottom. But from what I see now the market is making room for one more selloff to pull us out of the bear market.
probaly towards 62xx or 6xxx double bottom.
I think the market is making a jump to 7k and won't be able to break it. There we make our way down quickly to probaly double bottom. The depth of this selloff is really hard to predict. But this is my take on it now
Pattern since december in macd
1. Yes it can be that we break down according to these patterns.
2. We might moonshot here. If you check the BTCUSDSHORTS chart. It shows you that really EVERYONE is shorting at this point.It's pulling a parabola. This is extremely dangerous. You can see that the price is stuck at 68xx for a very long time now.
If we decide to breakout hard to the upside it is very possible that this parabola of shorters comes to collapse. It can trigger a snowball effect and create a gigantic pump to the upside due to many shorters getting fear and liquidation.
Please be aware of this going either way.. Be careful guys this is extremely hard to predict
It looks like the market is out of sellers.. What if these shorters realize? They mass fomo.. Be careful guys!