A reverse is forming with neckline at the
upper parallel. Next buy point comes only when neckline is crossed
on upside with stop 50 points lower - upside measurement implied
target is 8390 on any sustained break. The whole thing fails if
7717 - 7660 range also fails, for fall back to 7530, which must
hold today at all costs for bull case to stay good in near term.
So far this battle for the new high ground continues, the bulls
trying to grind down the bears at high altitude, and so far
they're....winning. The way this pattern develops determines
the day from here. It will likely take a while to play out yet -
we don't even need to second guess it here, really. It's tough
up here - that selling out of London first thing...was that
heavy weiight Goldman clients closing out longs from lower
down at the exact spot Jafari tagged at 8000 as the next high?
It was a big bad red candle, first for a long while...it's tough
up here.. .so we ait and simply react to the next signal. If it's
a break above the neckline we buy, as above. If it's a break
below 7660 we get stopped out for 130 points profit before
spreads. Not great, but...it's tough up here. If 7660 breaks it
means a test of 7530 - and if that should break it means the
damn thing has flipped right out of the freeezer again and
we're going to have to strart the chase all over again. Please no.
But it's Bitcoin . Anything can happen. (And If it does, we switch
back to shorting rallies back up the blue lines. Please no.
Like in Alien (new theme) we're watching a new life-form develop
on our screens in front of us. Intersting stuff, no? Please comment ffs!
Let the chart decide for us. And let the force be with you,
guide you, Luke. Trust the force!