BTC vs USD - Go short from $11.9k if resistance is confirmed.

28 ביולי 2020

Price action on this 1-day chart has touched previous resistance at the same time the green overbought indicator has illuminated.

If the 11.9k is indeed rejected and (very important) 10.5k does not offer support.... then price action shall likely drop like a stone to 3k as per the 4-day chart below. Possibly even 1k. And it'll happen fast, just like in March.

I know what you're thinking, he's off his rocker. Stick with me... the only reason in my opinion price action has increased is because the dollar value has dropped like a stone (last chart below). In fact if you compare Bitcoin against the Euro you'll see recent price appreciation has not been as remarkable as that against the dollar.

4-day chart - big scary picture if support at 10.5k is not found.




10-day chart of the US dollar currency index against all other currencies - support expected around early August. When / if that happens BTC will crash.

2 באוג׳ 2020

הערה

Resistance confirmed. Before entering the market we wait and wait. This is by far the most difficult part of the game. Support levels to watch -

10.5k - if it fails.

8.6k - if it fails..

3k - if it fails....

1k.. could it possibly happen? Yes. Why? Because everyone on the planet is bullish, and convinced a huge symmetrical triangle is playing out. There is another possible pattern that is playing out, and I don't like it. What is it telling us? If 12K does not become support soon we're going to 3k.