BTC WEEKLY CHART: "The Panic Zone" Will We Finally Breakout?
Some things to note before I plunge into a projection. Panic volume was much lower on the second test of the Panic Zone bottom. The weak sellers are almost gone. There is technical banter between the "keepers" of the hash chain. Do we fork my way or do we fork your way. Maybe either way we're forked! This waffle of doom talk caused some major exits that culminated in the plunge in the second week of August. Since then there has been some strength and this movement is building up to be a third attempt to break out of the top of the zone. Even I got excited on the second breakout attempt in July. A new major trend was broken a month ago but now what? Am I all excited again?
NO
There is huge resistance above 300. Notice the down strokes from the market top. Looks like a Fib. fan. The dotted projection is resistance on the time scale. Natural resistance at the top of The Panic Zone will meet the time resistance in a month or so. I expect a failed breakout attempt. In fact technically, I don't see a breakout for another year to year and a half. Fundamentally, the techno babble will increase as we all fork ourselves. This will also take about a year to resolve. In the meantime play the panic bounce. There's at least $100 (50 to 100%) of oscillation in this bouncing bottom. Not a bad way to make a living. The Panic Zone has not changed for over a year. Top is around $275 to $300 bottom is a consistent $160 all though technically the zone bottoms at $135. The real panic selling is below $218.
NO
There is huge resistance above 300. Notice the down strokes from the market top. Looks like a Fib. fan. The dotted projection is resistance on the time scale. Natural resistance at the top of The Panic Zone will meet the time resistance in a month or so. I expect a failed breakout attempt. In fact technically, I don't see a breakout for another year to year and a half. Fundamentally, the techno babble will increase as we all fork ourselves. This will also take about a year to resolve. In the meantime play the panic bounce. There's at least $100 (50 to 100%) of oscillation in this bouncing bottom. Not a bad way to make a living. The Panic Zone has not changed for over a year. Top is around $275 to $300 bottom is a consistent $160 all though technically the zone bottoms at $135. The real panic selling is below $218.
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