BTC Massive challenge to the Bulls, proven chart says breakout!
Here we go. We've been waiting for this breakout chance since Fall.
**Please see linked ideas for context regarding the Summer DownWedge and Purple Dot Uptrend.**
The still young Purple Dot Uptrend after the $6,500 bottom versus the 200 Day and $9k resistance. A Bull win here would be huge, and would reconfirm the bottom. I still do not expect to see a break straight through the 200 day, and if it happens, expect a sharp drop at $10k back to $9k or even $8.5k
If we see a major failure here, expect the next brief support at $8500 and strong support around $8200 (The D Trend plus 100 Day) I doubt we lose $8k again.
My prediction is a brief failure at the 200, a bounce at $8,500, and back through the 200 Day to about mid $9k. Any failure and we'll rely on those various support just below which should launch BTC upward, thus my Long strategy. If its a short failure with a retest of the 200 immediately after, expect a major breakout. A collapse below $6500 is very unlikely so I'm not trimming anything.
**Please see linked ideas for context regarding the Summer DownWedge and Purple Dot Uptrend.**
The still young Purple Dot Uptrend after the $6,500 bottom versus the 200 Day and $9k resistance. A Bull win here would be huge, and would reconfirm the bottom. I still do not expect to see a break straight through the 200 day, and if it happens, expect a sharp drop at $10k back to $9k or even $8.5k
If we see a major failure here, expect the next brief support at $8500 and strong support around $8200 (The D Trend plus 100 Day) I doubt we lose $8k again.
My prediction is a brief failure at the 200, a bounce at $8,500, and back through the 200 Day to about mid $9k. Any failure and we'll rely on those various support just below which should launch BTC upward, thus my Long strategy. If its a short failure with a retest of the 200 immediately after, expect a major breakout. A collapse below $6500 is very unlikely so I'm not trimming anything.
