Possible correction playout

12 giu 2020

What I'm seeing are very early signs of a likely down channel. I don't think it comes into play for a while. We'll probably bounce around in the circled white area for a while until fully forming either our bear flag or our bear pennant, and then drop. The steep downward line is where I've been expecting that potential drop. We'll hit several support levels along the way and could bounce back out of any given one. If we break south of 8k, I don't see why we won't go into the 6k region. That's what the bottom purple line is. After all of this. As for when the channel comes into play, I can't say for sure. There are too many resistance and support lines for a clean call. We could just blow through it all. If you'll notice, my expectation is that this pushes the Hotel California Wedge much further into the future. I am not a bull and on a macro level I may not be until at least the end of this month. On a side note, I'm beginning to think that as time wears on, it'll be less that crypto is tied to stock movements and more that stock movements become tied to crypto. A subtle difference, but one worth noting as the decades wear on and market caps shift.

12 giu 2020

Nota

I'm not married to that steep purple drop and could see it happening as late as the 19th. I do not have a bullish argument at the moment and would have published one along with this if it weren't such a busy day. There is one out there, so find it and take it into account.

21 giu 2020

Trade chiuso: obiettivo raggiunto

I feel pretty good about this chart.