Now looking at BTC on the weekly chart it can be seen it is threatening to print a gravestone doji through the 50W EMA. And one candle is unlikely to telll the whole story but it is a warning.
If it does print the gravestone and BTC also fall below the 50DMA as described in the previous thread then for my strategy its time to go fishing really - be patient and wait for the bottom. If it does fall back from here then the correction will be very complex and i've drawn some arrows for fun, not with the straightest lines but I am watching the chelsea game in comfort.
Point being if it does break down it may no longer be a traders market unless you're an algo or a hero and i'm neither.
BTC has been in this wide price band for over a year now and as any that do follow my output know my long term target has been 20K for a year, but I'm not so sure BTC will simply break this long term price band after being stuck in it for so long. Having collapsed all the way from the fakeout top I would think it is more likely that there will be a more significant upward retracement as described in the previous thread before price breaks the price band to the downside.
That said a downside collapse would inevitably lead to a shorter bear market. Who knows if stock indexes collapse and prompt further downside, maybe my 20K target comes sooner.
Not advice.
If it does print the gravestone and BTC also fall below the 50DMA as described in the previous thread then for my strategy its time to go fishing really - be patient and wait for the bottom. If it does fall back from here then the correction will be very complex and i've drawn some arrows for fun, not with the straightest lines but I am watching the chelsea game in comfort.
Point being if it does break down it may no longer be a traders market unless you're an algo or a hero and i'm neither.
BTC has been in this wide price band for over a year now and as any that do follow my output know my long term target has been 20K for a year, but I'm not so sure BTC will simply break this long term price band after being stuck in it for so long. Having collapsed all the way from the fakeout top I would think it is more likely that there will be a more significant upward retracement as described in the previous thread before price breaks the price band to the downside.
That said a downside collapse would inevitably lead to a shorter bear market. Who knows if stock indexes collapse and prompt further downside, maybe my 20K target comes sooner.
Not advice.
Komen:
Comments, charts, on chain analytics, fundamental considerations - all welcome.
Next video Saturday 22 June😼.
Hodlers assume an obvious next wave up but will there be a sting in the tail💀.
Deep analysis - I keep the juicy details for my clients.
Telegram Group: $50 per month 👍🏻.
Contact: t.me/dRends35
Hodlers assume an obvious next wave up but will there be a sting in the tail💀.
Deep analysis - I keep the juicy details for my clients.
Telegram Group: $50 per month 👍🏻.
Contact: t.me/dRends35
