I'll draft up a more formal trade analysis with my predicted path at some point within the next few days. However, I do want to share this with the community. Sentiment is turning but a lot of people still have the idea that we are going to break the 6k level and head down to 4,000, 2,000 or perhaps even lower. That is understandable...a lot of people have been burned and don't want to be suckers. However, this test of the 6k level was a special one.
If you take a look at the chart, you'll see that this test of the 6,000 level was aligned with our parabolic trendline --- the line that started bitcoin's parabolic growth. The past 3 tests of the 6k level did not have this additional strength so it seems highly unlikely that bitcoin would fail to break through on its past attempts but would break through now that we have this additional support from a major trendline.
Indeed, in hindsight, I think that all of those tests over the past months were just a means of reinforcing support at the 6k level to ensure that we would not break through the parabolic trendline on our retest.
If you are on the sidelines I hope that this may help ease some of the anxiety you have about this market. Best of luck!
If you take a look at the chart, you'll see that this test of the 6,000 level was aligned with our parabolic trendline --- the line that started bitcoin's parabolic growth. The past 3 tests of the 6k level did not have this additional strength so it seems highly unlikely that bitcoin would fail to break through on its past attempts but would break through now that we have this additional support from a major trendline.
Indeed, in hindsight, I think that all of those tests over the past months were just a means of reinforcing support at the 6k level to ensure that we would not break through the parabolic trendline on our retest.
If you are on the sidelines I hope that this may help ease some of the anxiety you have about this market. Best of luck!