Neckline Pump, A Dangerously Close Shave (3 Levels Before Moon)
Neckline pumps are dangerous as they are pumps that level off right below the prior major dump (then DUMP again). As one can see there can be 3 interpretations of where the last 'neckline' was. The highest being an even $10,000.
BTC has been bullish going on 6 weeks and the only other time this happened BTC ended its run at almost 100% higher pricing than we have now. Currently we are in dangerous territory with BTC having already broken through the 1st neckline (temporarily). Will BTC retrace or will it test neckline 1, 2, and 3?
Rules apply the MAJORITY of the time. However, rules are meant to be broken. If BTC were to pump right through the necklines due to the halving coupled with a major country's financial collapse, it would not surprise me.
The prior few days I was bearish given economic situations. However, with the U.S. and world easing Covid restrictions, Lebanon having financial collapse and seeking an alternative, plus the halving approaching rapidly; it is becoming more likely we pump right through the halving and than a correction (if any).
BTC has been bullish going on 6 weeks and the only other time this happened BTC ended its run at almost 100% higher pricing than we have now. Currently we are in dangerous territory with BTC having already broken through the 1st neckline (temporarily). Will BTC retrace or will it test neckline 1, 2, and 3?
Rules apply the MAJORITY of the time. However, rules are meant to be broken. If BTC were to pump right through the necklines due to the halving coupled with a major country's financial collapse, it would not surprise me.
The prior few days I was bearish given economic situations. However, with the U.S. and world easing Covid restrictions, Lebanon having financial collapse and seeking an alternative, plus the halving approaching rapidly; it is becoming more likely we pump right through the halving and than a correction (if any).