The pricing almost perfectly follows the textbook Wyckoff accumulation schematic.
A little too perfectly.
It makes me suspicious.
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The rally continued longer than I expected, but is neither here nor there in terms of the prediction. Far more interesting is that the price has come all the way back down to the $6800 range, and bounced from that resistance. If the price can continue back up higher than the previous high, then we are onto something really good here.
I have opened up a few long positions on this support, and have my fingers crossed!
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This is beginning to look like a failure now, unless we bounce from this level with enough strength to break the bull market sentiment - maybe something like this could still play out:
Only obvious if you know what your looking for. The counter view is that were approaching the somewhat too obvious downtrend line that's now at the third touch, technically verifying it as a down trendline for the herd to observe. There has been a lot of selling up here too. Only time will tell! Paul Tudor Jones liked to trade what does happen rather than what might. Think we could learn a lot from that. Shame he doesnt offer up much advice as to actual trading.