By Admission Only
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How does BTC get admission to the 20 000 room? Simply by proving that it has enough supporters not to break support. Money Man has been quietly waiting for stabilization of price to see what the chart is whispering and here are the first bits of info he feels comfortable with. He has not checked but is sure that there are some big price predictions out there – some talking about a double top now followed by a double bottom. The two patterns are clear for all to see and that makes him nervous that that is not what will play out. His job here is not to make big predictions, but to simplify the chart a bit and provide some consistency.
Conclusion: There is a lot of uncertainty in the market now, so movements beyond the boundaries of easy to recognize patterns are bound to get a lot of attention, especially when looking down. Upwards movement could start with low volume as most of the scared money have already sold. Very important to me: Please leave a like if you appreciate the effort, please comment and develop this further, and Please follow if you think this analysis thread is going somewhere that you might like to know about.
Conclusion: There is a lot of uncertainty in the market now, so movements beyond the boundaries of easy to recognize patterns are bound to get a lot of attention, especially when looking down. Upwards movement could start with low volume as most of the scared money have already sold. Very important to me: Please leave a like if you appreciate the effort, please comment and develop this further, and Please follow if you think this analysis thread is going somewhere that you might like to know about.
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Nota
Money Man is cautious about the futures gap at 17 000. It is possible that we could see it stay open, but not probable. The further we go above it - the more momentum retracing back down to it could cause. That could lead to an overshoot and panic selling.Nota
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