Presented without remarks or analysis.
Comment:
There is still the possibility of a double top on the the last up cycle at 8.8k. While a bullish continuation to 10K is not out of the question considering the buying pressure, the explosive moves of the week of July 11 have still not been reconciled. By that, I mean that the wholesalers who were happy to sell to retail buyers as the price climbed dramatically have not had the opportunity yet to resupply. That is why the market is now returning to a it's most logical consolidation zone, which should be the top of the previous consolidation zone: betweem 6.8-7.2K. A more substantial final leg down in the overall bear market cycle could head to 5.4k as indicated by the dark black line. However, if this heralds the end of the bear cycle as many people and the overall mood seems to indicate, then 7.2k is the new bottom, and up we go.
Comment:
$6.1k bottom of the range. is it weaker each time? well, is it made of something that can weaken? nerves? the whole bull/bear team psychology doesn't exist for me. i just see a massive massive accumulation taking place. but i'm also still pretty new at this.