BTC Fools Me AGAIN, Pumping Above New Upper Triangle Limit
When I said Bitcoin does NOT like to be tamed, I was not kidding! Last night, when staring at the chart until I was cross-eyed, I decided that my triangle formation was wrong. So I made a new upper leg of the triangle that you see in light red, replacing the original one I had in light blue. When I went to bed, the price was WELL BELOW that upper light red boundary, and I thought there was NO WAY that Bitcoin would fight its way up to that line.
I was wrong.
To my shock, not only did Bitcoin pump up to my new upper limit, it stuck to that line for 3 candles. I thought for SURE that this was the extent of the move, and that this was the rejection we were waiting for before a dive bomb to fill the CME gap. Well as you can see, after 4 boring 4-hour candles hanging right there on my upper triangle line, the price just took another vertical pump like someone lit a pack of firecrackers underneath it. You can clear see see that the stochastic cycle is at the peak. AGAIN. We got our bonus 2nd hump, making my famous "double-hump-camel" formation at the top of the overbought zone. The fast line has overtaken the slow line. But will the price line play along with the stochastic cycle and correct, or will it ignore it once again and pump to the moon?
I do not understand this at all, and there is conflicting evidence of which way this market is going to go in the alt coin charts. Bitcoin looks like it does not give a digital Doge dropping about that CME gap right now. So this could very well be the first time in HISTORY that we do not go back and fill the gap before moving to higher levels...
Or will it???
Carlton Flowers
The Confused CryptoPro
I was wrong.
To my shock, not only did Bitcoin pump up to my new upper limit, it stuck to that line for 3 candles. I thought for SURE that this was the extent of the move, and that this was the rejection we were waiting for before a dive bomb to fill the CME gap. Well as you can see, after 4 boring 4-hour candles hanging right there on my upper triangle line, the price just took another vertical pump like someone lit a pack of firecrackers underneath it. You can clear see see that the stochastic cycle is at the peak. AGAIN. We got our bonus 2nd hump, making my famous "double-hump-camel" formation at the top of the overbought zone. The fast line has overtaken the slow line. But will the price line play along with the stochastic cycle and correct, or will it ignore it once again and pump to the moon?
I do not understand this at all, and there is conflicting evidence of which way this market is going to go in the alt coin charts. Bitcoin looks like it does not give a digital Doge dropping about that CME gap right now. So this could very well be the first time in HISTORY that we do not go back and fill the gap before moving to higher levels...
Or will it???
Carlton Flowers
The Confused CryptoPro