For a number of reasons, we have hit a strong resistance.
My perception is that if we rally towards 7400 to 7600, we will have a BEARISH Div. implying this would be the top. If we do drop from here or above, I think 6900 will be the next stop. If we lose this, then it would be bad or good for some, and go down to the 5800 range. I am hoping we drop, so we continue the volatility some more.
** NOTE how I have 2 scenario's to play the bottom formation. I think the top ascending triangle area will likely play out. However one must look at the global market to make a call of such.
As I have mentioned in my previous macro post, I expected that we have a ranging price action. Post reference below. I did not expect this to bounce so high but never the less, I would expect the bottom area to be retested, sooner or much later. Why? As I understand, a minimum of 2 touches requires to confirm the BOTTOM. Hence on a macro level, we observed the following: We had roughly 2 touches in the 4K range 3 touches on the 5k range. We need another touch for the 6K range.
************************************************************************************************************************************************************************************************************************* My gut feel tells me a bounce from 6900 back into the 7200 - 7400 range and then to 5800, thereby repeating the bottom formation of previous times, as per my previous post. I also expect a pullback on the ALTs pairing against BTC. *************************************************************************************************************************************************************************************************************************
As for now, I see an imminent drop based on my indicators.
The following charts and perspectives should paint a picture.
Previous post
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You be the judge
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documenting this new indicator and how to read it
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Last 4 hrs has turned the bearish back into neutral, with a potential inv. H and S. I'm seeing a run to the upside more likely now.
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If it breaks this level to the upside
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The drop is coming, how much, no idea. The price action did not respond as it should and is now just buying up time. 6900 is the first level to be visited.
I have this overall view on btcusd, looks interesting
ssari
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@transparent-fx, I agree. FYI. I have an indicator...the way I read it, a drop is imminent. but as I said, its between here and 7600. Hence I'm watching the 4 hr as well. 2 hrs to see how it closes
ssari
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@transparent-fx, I worked out what the macro formation is taking place. :)
I'm about 90% sure I'm correct. Mark my words, the most it can go down is 6900 to 7100. After that, up it goes.
I am not joking, I take my name or brand seriously, this one was out of luck that I came across it when I was going through some notes.
I am going to have fun with it and make a post for people who want to know in detail what it formation is will have to like my next post with no details and if I get a 1000 likes, I will share it.