If history is any indicator, we are in for a precipitous drop
I don't claim to know everything about charting, but patterns are sometimes just in your face.
The blue vertical lines coincide with both a Stoch RSI above 80 and the impending drop it historically triggers on the 4 hour time frame. This happens after a period of bullishness or indecision.
As we near the end of this defined channel, a decision will be made that should violently jerk us up or down.
This chart shows the virtual inevitability of what will happen without some positive news in the next 36 hours. Good luck.
I will be shorting on the first red 4 hour candle that is preceded by a Doji candle. And ride this down for at least a day. Or 3 or 4 days if Bulls cannot defend 29.5k.
If it stays above 25k, rebound will be swift. If not, IMO we touch our toes in the teens before recovery.
It could very easily be that seeing a 2 as the first number in BTC's price will become the new norm for a couple of months.
Possibly additional drops in August and September, before the ultimate rebound in Q4.
If you can't short, I would hold because the future is bright for Bitty. EOY we will see the grind pay off and this buy opportunity will be viewed in retrospect as a gift.
The blue vertical lines coincide with both a Stoch RSI above 80 and the impending drop it historically triggers on the 4 hour time frame. This happens after a period of bullishness or indecision.
As we near the end of this defined channel, a decision will be made that should violently jerk us up or down.
This chart shows the virtual inevitability of what will happen without some positive news in the next 36 hours. Good luck.
I will be shorting on the first red 4 hour candle that is preceded by a Doji candle. And ride this down for at least a day. Or 3 or 4 days if Bulls cannot defend 29.5k.
If it stays above 25k, rebound will be swift. If not, IMO we touch our toes in the teens before recovery.
It could very easily be that seeing a 2 as the first number in BTC's price will become the new norm for a couple of months.
Possibly additional drops in August and September, before the ultimate rebound in Q4.
If you can't short, I would hold because the future is bright for Bitty. EOY we will see the grind pay off and this buy opportunity will be viewed in retrospect as a gift.
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