BITCOIN (Upcoming Point of Inflection???)
Crazy Times in the Crypto World -
Some very important are approaching and I am very excited to see how the market reacts at these points - Specifically, the Upper Red Major Downtrend Line as well as the Upper Cyan Speculative UpTrend Line - I feel like we're in a teetering point here where this market COULD go HUGE in EITHER direction. My general sentiment is and I think we're in store for more MAJOR downturns before this gets better. There is just not a good vibe in the crypto world to support influx of NEW money to propel this market to higher highs. That is my humble opinion - but lets see what happens at this upcoming point of infliction.
Orange Line - Speculative Down
Cyan - Speculative UpTrend Lines
Red - Proven Major Lines
White - Previous Resistance and Support Lines
As always, intelligent disagreement highly appreciated.
- The BUllish Volume is LOW compared to BEARish volume
- We are very high in respect to the 9 day moving average
- the 60 Relative Strength Index (RSI) level has been a cap of late - we are rapidly approaching
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Good Luck. See you on the Trading floor.
Bet with your head, not over it.