I was a bit creeped out to see how well my approximate drawings in my previous analysis has fit into what has actually transpired. I don't want to get ahead of myself here but I think it might be actually be happening. The boss is itching to move and the name goes by BTC !
Looking at the here, I have modified the major in yellow to incorporate the recent developments in BTC .
Even after the modification, we can see a clear break and support resting above the upper .
The current candle still hasn't closed on this newly modified upper resistance, but if it is able to close the day above the , it signals at least some recovery.
I've been seeing some TA here on BTC and many are great so I won't go much into the details of what else has happened so far.
Instead, I tried to see the potential move that would keep the hopes up for BTC using a hypothetical pattern as drawn above.
I did this to show the rough maximum tolerance BTC can endure using levels as it potentially leads up into a new set up for a new bull run before the end of March 2018.
So long as BTC is able to stay above the upper for another ~16 candles and not drop much further down beyond that, a bull run may be possible. This roughly translates to a -22.2% from the valuation at the time of writing (~$8650). Add to the fact that we are currently testing the .382 line since ATH in mid Dec. 2018, I expect a suppressed yet volatile sidelining from here out which would give BTC much needed time to breathe and set up further movements...which also does mean room for further setup. I guess we'll have to see, it'll be really interesting.
Just like Goku takes a long time to charge his spirit bomb, BTC may need time to charge its strength.
Only time will tell if BTC was actually charging up a spirit bomb or just dying a really slow and painful death.