BTC

Cue the LOTR music youtu.be/J93fc--VsaI?t=28s

Three Coins for the Elven-kings under the sky,
Seven for the lambo-lords in their halls of HODL,
Nine for Mortal Men doomed to shill,
One for BCH Jesus on his dark throne
In the Land of XRP where the Shadows lie.
One Coin to rule them all, One Coin to find them,
One trendline to bring them all and in the darkness bind them!

That triple bottom better happen right about now because I don't see any other imaginary line that is going to catch BTC after we lose this one.
Continuation/bounce/bottom targets for BTC below 7K are 6865 6000 and 5127, full bear-mode brings me to 3552 and 1309 but I doubt we'll ever see BTC that low.

I would not be surprised to see 6865 before we go up again.

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Origin of this trendline dates back exactly 2 years

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Pick your poison, 100 DMA

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I don't trust the odd action inside this channel at all, small bullflags breaking down and vice versa. Still trading barely above the one trendline to bring them all and in the darkness bind them

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Semi-bullish as long we can stay above this 50MAH4 in orange on this side of the trendline.

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"as long we can stay above this 50MAH4 in orange on this side of the trendline"
We're testing the 50MAH4 as support right now

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We couldn't stay above the 50MAH4 in orange. Downside is imminent

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Someone disagreed with my last update :D

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When one handle isn't enough on your cup

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still bearish AF

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When you buy the dip but it keeps dipping

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Those greedy whales are trying (and will probably succeed) to push it all the way down to 3500 / 4000

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Volume is going away again, get ready for another drop

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Choose your poison

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Called this drop about 2 days ago, I just didn't expect it to go down so far. Its even more bearish than I envisioned

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CHOP CHOP CHOP

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The chopper just rekt some poor lads who shorted

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Now sideways for a few days and down we go, not a lot, but the flag we are going to make right now is going to fail

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so far so good, it almost seemed to drop again but got saved

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Its boring isn't it, that's the point. You sell at a loss and never look back*

*until we've hit >12K again.

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BTC Woke up some lads and money is starting to poor back into the market, for now

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I think we are setting up for a nice few weeks only to get denied at the 8000 range. >4K is still very much on the table

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The bounce I have drawn in the picture above (11 days ago) is clearly materialising.
I think it will take us to 7777 at least in the next 14 days or so. I'll update around then or when shit goes down. so far so good

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<4 hour timescale traders are yelling for ATH's and claiming "the" reversal is going to happen now. I talked about July being a great month for crypto but I don't see this bounce as the entire market becoming bullish again. I think we're about to turn this ancient trendline into resistance and are going down from there. I can still hear datadash in my minds ear as I write this but "past resistance tends to become support and past support tends to become resistance". I think this will become a clear example of that

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Still way too early to take anything away from this but this moving average has supported BTC for the entirety of 2017, and into 2018. And it resisted BTC for the last 6 months. So its good to see we broke above it but lets give it a few more weeks before we conclude it actually supports us again

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added another imaginary line to the chart, still wedging

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updated the previous lines

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We've dropped below the important MA mentioned on the 25th of July. This is still bearish AF. Take into account each bounce from the 6K range has been less fierce. We had a bounce to 11.7K 9.9K and 8.5K. So I'm not expecting this current bounce to go beyond 7K followed up by another few weeks of "BTC is dying" again.

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if this was "the bounce" we're in for some trouble, after the previously mentioned 11.7, 9.9 and 8.5 this bounce hasn't gone past 6.6. Bulls need to step up to the plate or surrender already, accept we're going to 3500 / 4500.

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it seems like the most recent bounce made it beyond 6.6 but was unable to push through 7.4. If we're going to test 6K again I could see it go sideways there for some time but ultimately fail. iera still bearish

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The weekly scenario I'm currently expecting

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This last bounce was a joke, nothing less

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We basically went sideways for a month. How much longer will 6K be able to hold?

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logscale is one hell of a tease

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BTC 4500 today :)

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We touched the 0.114 fib and I think this should be where we turn this ship around

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The road to recovery could look something like this, this is what happened in 2015 when we dropped below the 750 daily, it took exactly one year to recover to the pre drop level, That would imply us going back to 6K only at the end of 2019. This would look like;

chart.

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2015

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Bullish BTC last two times longer than bearish BTC
Wave 1; 329 days bullish / 154 days bearish
Wave 2; 735 days bullish / 406 days bearish
Wave 3; 1064 days bullish / 532 days bearish
Wave 4 starts June 10, 2019