Last week we completed the repeating pattern as expected. This should give us some indication as to where we go next. I expect an initial rejection at 9500 range, a retrace / buying opportunity at 8700 and then a final bullish attemp at 9500. This will be an important point for BTC becasue a failure here would mean a probable symetrical triangle failure and a longer term bear market. Conversly a break means we go bulish.
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Looks like we topped out earlier so adjusted targets as below:
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Doesnt look pretty.
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Expecting something like this...
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be prepared.
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Playing out as expected. Bounce to 8500ish then test the long term trend line
Thanks Phil! What are your thoughts on this 50/200 DMA cross approaching?
FreSh_PrincE
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Also, seems like you're on linear scale to get that trend line. Do you switch between log and linear or any reasoning behind using linear at this point? Interested to know your perspective. Thanks!
filbfilb
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@FreSh_PrincE, Hi, im on log, ou can tell because the first top on the most recent double top rejection around 11800 was the linear rejection. (you can see if you right click on the scale too.
I do tend to flip between the two but fundimenatlly use log myself with BTC. The reason i use log is because thats what its built for - evaluating large changes in the variable. Traditional traders tend to sty in linear, but either way, its good to know what each side is looking at.
Said this, the death cros is on the MA not the SMA or the EMA - each being important to other people. In the same way the linear chart caused the initial pull back, the death cross will probably trigger bots and others to short the market and it will dump in my opinion. It woudl be bad news if we reach the diagonal resistance at the same time. It would be awesome to know if it were a mathamatical cetrainty in the above case.
FreSh_PrincE
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@filbfilb, Awesome mate, thanks for explaining. Agree with your view on the cross. If we cross at that resistance line and dump, there's a chance we might break this lower trendline – – which has been support bottom support for a year now. Figure that would trigger a cascading effect. Cheers!
filbfilb
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@FreSh_PrincE, indeed given that i am bearish on wall st - i think we could see a big correction all round. not a bad time to be in cash IMO.
Is there any way we can try your personal indicator FILBFILBv1?