Some people would call this another leg down, but they are wrong. This is another log down from the smelly bear that haunts us. Bitcoin's hands slipped right off the 28 shit rope. If you weren't paying attention, that brown steaming stool landed right on your stupid face, but you had a hard time seeing anyways because the last few loaves the bear pinched off landed and stuck to your eyes. All the while, you were lying to yourself saying we would have a bull run any second. Once again, I'm happy to have stayed out of this mess.
So what's next in the pooping bum prophecy? Well, we still have my projection of 5025ish from May, but bitcoin is trying to do what I would call an early bounce. However, the volume is already stagnating again at a time where people are normally flocking in. Also look at the RSI on this 4 hr chart. We still have lots of room to go down. Also consider how far we had to go down for the last two bounces; about 14 and 18.
The way the market has been behaving, I expect more sideways action inside this piss triangle as well as the 28 day shit rope inside the triangle. It's either that or we just keep going down to at least 5700 or even lower. On the upside I just don't see us going higher than 6100 in the next two days, but as usual my alerts are set for any drastic changes in the charts. And as ever, take my analysis with a bitter grain of piss.
So what's next in the pooping bum prophecy? Well, we still have my projection of 5025ish from May, but bitcoin is trying to do what I would call an early bounce. However, the volume is already stagnating again at a time where people are normally flocking in. Also look at the RSI on this 4 hr chart. We still have lots of room to go down. Also consider how far we had to go down for the last two bounces; about 14 and 18.
The way the market has been behaving, I expect more sideways action inside this piss triangle as well as the 28 day shit rope inside the triangle. It's either that or we just keep going down to at least 5700 or even lower. On the upside I just don't see us going higher than 6100 in the next two days, but as usual my alerts are set for any drastic changes in the charts. And as ever, take my analysis with a bitter grain of piss.
Comment:
*28 day shit rope* (brown line)
