remember that awful week at the end of the school year where you had a bunch of tests all at once? feels like that's where bitcoin is right now. i see a potential bullish trajectory here, with a series of tests along the way:
1 & 2 - down trendlines - if BTC doesn't pass these first two, we're still in a bearish pennant
3 - margin pressure (4x longs, 3x shorts) - passing this one would be pretty bullish . i think we'd see a significant shift in market sentiment.
4 - strong support/resistance zone (plus margin pressure from 3x shorts who don't believe BTC will make a new ATH )
5 - margin pressure (3x longs, 4x shorts)
and if that wasn't enough, the real tests are still ahead ( H&S neckline and major down trendline)
1 & 2 - down trendlines - if BTC doesn't pass these first two, we're still in a bearish pennant
3 - margin pressure (4x longs, 3x shorts) - passing this one would be pretty bullish . i think we'd see a significant shift in market sentiment.
4 - strong support/resistance zone (plus margin pressure from 3x shorts who don't believe BTC will make a new ATH )
5 - margin pressure (3x longs, 4x shorts)
and if that wasn't enough, the real tests are still ahead ( H&S neckline and major down trendline)
Nota
i guess you could say test 0 would be holding support here. i don't think BTC is dumb enough to fail this one, but who knows!Nota
passed test 0, but i'm giving BTC a C- on this oneNota
solid performance on test 1. i'll give BTC a B+ on this oneNota
because i'm in a good mood, i'll be generous and give BTC an A on test 2Nota
elon missed his entry again so he decided to tweet the price down to his liking. i guess we have to change test 2 to an F, sorry bitcoin. luckily there are a couple make-up tests, starting with the top of the pennant
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