Hey BTC! I found volume! He's over here!

Well, that escalated quickly! And, surprise-surprise, we have found our long lost brother, volume!

Not long after I hit the "POST" button on my last idea this morning, (www.tradingview.com/...y-target-8885-Short/), we started heading quickly to the target range I had predicted. We are still not there yet so hang tight. Here's what I see as possible scenarios:

- One, a sideways day or two before hitting our target this weekend sometime.

- Two, it's possible we have another big RED candle tomorrow as well.

- Three, I could be wrong and today was all the capitulation you're going to get in which case:
-- We won't reach our target area
-- BTC won't get a second chance to kiss his mother (200 day MA) goodbye.

- Four, we take one of the first three choices, bounce, head north and then get stopped a second time by the top of my BLUE channel before heading lower again.

- Five (least likely), we simply blow right through the 200 day moving avg. and continue south with little to no hesitation. This is very unlikely with the capitulation volume we observed today, however, BTC has surprised me numerous times this past year or two and thus, I would be remiss not to make mention of this option.

I'll leave it up to you all to place your bets on which of these scenarios plays out. For now, I am still hoping to hit our target.

Still too early to tell if 4 will be a valid option. If we head north from here and hit the top of my channel again, the probability increases that we hit our heads and continue south. I think we need the springboard of the 200MA to give these bulls enough momentum to push through resistance, form the right shoulder correctly, break the last RED neckline, and continue north. IF (BIG IF) the bulls can actually do that.

BOTTOM LINE: We have our volume! But will we get our trampoline bounce from the 200MA as well? We kinda need that right now.

ONE MORE NOTE: Just a theory, but I had noted in the past that BTC likes 60 day cycles. First 45 UP. Last 15 DOWN (ish). Because, of the futures trading announcement pumping the market abnormally last Nov-Dec, the last cycle got all jacked up. It was all down and ended up extended by 25 days. That shortened this 60 day cycle by 25 days, making it 35 days in length. We have been in and UPTREND for 28 days of this cycle. If my timing is correct, the last 7 days should indicate a downward trend. So far, so good. 3 more days to go! That puts us right at the weekend. Perfect! This aligns magnificently with my charts and is nothing but good news for the bulls should we hit our target.

Happy trading friends!