I believe we are in a small head and shoulders now and will head down to the 39k area eventually. This is where I think it gets very interesting. Will 39k hold? Let's see. Good luck to you all.
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ok BTC your path is becoming clearer. In about a week or so you will come down to 39k and wick down to 36.5k or 22% down before rising back to 39k. This pairs very nicely with about 5 other investments I am following which will complete their third touch on their own consolidation pattern. If this comes to fruition then we should all be very happy come the beginning of September when prices start to rise and a new uptrend begins IMO.
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on the flip side ...if BTC decides to take off here is an idea. I think it will pull back but it is still in an uptrend at the moment. Let's see.
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One thing that is still a bit of a mystery to me. Even if BTC pulls back and drops hard to wick down to 36.5k as I'm predicting above, I'm still not sure it will be enough to drop my other coins down to where they need to be to complete their consolidation pattern. It may take BTC dropping down even more to say 33k so panic sells occur or large stop losses are hit. Perhaps you all are seeing the same anomaly? This month will be very very interesting.
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BTC is moving down from the 50% fib level which I think confirms its daily run is coming to an end but we will see. Here is what I am thinking. How does it pair with your analysis?
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Here is an idea if BTC respects 41k as support
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Here is another slight variation which I think makes a little more sense at this point in time ...BTC on the 1hr
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Two options: BTC which path with you take? You don't seem to want to go down.
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In times like this I usually look at OBV and it has been going down. Only leads me to believe BTC will go down. I think we may know the answer today given where OBV is now. If it spikes up we will likely start heading up IMO. Likewise if it continues down BTC may go down pretty hard
BTC on 2hr
BTC on 2hr
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another thought ...is BTC simply printing an ascending triangle with a target of 50k ish?
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Ok the market week is going to close in about 4 hours and BTC, while still on a rise, and on the daily it should continue to rise given past history. Something strange however is happening in the overall market that I can't quite put my finger on. Some of my alts are exhausted or seems that way. Its enough for me to pull out of the market and watch it go and release myself of any potential gains. I'm comfortable missing out. Will be watching from the side. Good luck to you all. I assume we will see what this strangeness is soon enough or maybe I'm the strange one :)
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Here is my prediction. Watching multiple indicators but mostly OBV. If OBV breaks down below my line (which I think it will) I think it will confirm further down. This is how I came to the idea of a cup and handle where the handle dives down a little below the 38% fib which is typical and then up sharply to get back above support of 40-42k. I use the wavetrend oscilltor to predict the bottom and that comes out to Sept 4-6th. The target for the cup and handle would be just above the ATH and is a continuation pattern where BTC may decide to go up from there. I know this may be a little far fetched but it's an idea worth thinking about IMO.
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Down to 41k on the in the next 24 hours IMO (200MA on the 4hour). I will play from there and see what happens but my idea is on the chart. Good luck to you all.
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Here is my current view. Everyone is bullish it seems right now which should be a warning for an unexpected drop IMO and it will be sharp because there will be panic selling which means if you are patient and do your homework you can get some really good deals on certain ALTS IMO. I think a drop to 44.5-7k ish (9-10%) and then up from there. Let's see
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more up from BTC then more than likely down IMO but I have an open mind at the moment...good luck
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Could we see something like this? hmm...well just a thought if BTC starts rising really fast in the next few days
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BTC is fighting to move up from here...will it? I think it could but my thought remains for BTC to head down to 44.9k area before moving up. Let's see. The daily OBV is getting close to the reference line which is also interesting. I'm curious if it will touch it and move up or will it actually begin its descent down with force? Curious times for BTC as usual.
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Maybe BTC is heading north for good but I dunno...I still think this. Let's see
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I'm going with trend is your friend at the moment and OBV is under the reference line in almost all time frames. If the 200 MA can't hold on the 2hr as it has since 29.2k, I think we will see a big selloff
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my current thoughts
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It appears to me that ALT season may have just started but perhaps its too early to tell
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Pause on the ALT season - lol. A lot of volatility at the moment. May be more of a discount ALT season season. Here is my current view.
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Stay tuned...a decision is coming today IMO
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It's time for BTC to head down IMO. It seems like it's due for a dump but so far just little drops. Very interesting. Watching for more clues.
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Trade closed manually:
I have posted a new idea and will updating that idea instead of this one. Here is the link ->
