Well, BTC sure has given us a chart full of famous patterns lately. We had a head & shoulders on June 26-27, followed by an A-B-C correction from June 27 to today. Notice how points A and C of the correction stopped at key support levels (yellow), which indicates an orderly consolidation that was well-founded in the technicals. In other words, it wasn't just simple madness. It followed solid structure.
Now we seem to have broken-out of the correction, and seem to be heading back up. Let's hope it keeps going.
How do you feel about this view? It looks to me like we are challenging the top of of the channel in a falling wedge. It also appears we are entering supply zone with low volume.
WorthAShot
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@nrhayes91, Yup. I have to say you picked-out something important to watch. If it stays within this wedge and goes back down, then the ABC would turn into an ABCDE. You're right. Could be more downside in the near term. Looks like BTC is at an important point. If it goes down, the correction continues for another leg. If it breaks out of the wedge and clears that large supply zone, it should move up quite quickly seeing as how supply trickles down sharply. Caution ahead.
nrhayes91
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@WorthAShot, Thank for the input! I'll keep a close eye. I took a small short position at 10850. We'll see how that plays out
WorthAShot
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@nrhayes91, All the best to you. I just go selling little bits every $250 up, and buy back 50% lower and re-cycle them. 50% buy-back may seem like a lot. In any other market it would be, but not in Bitcoin!
transparent-fx
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hello, your work is appreciated, hope you are also taking value from my video sessions
How do you feel about this view? It looks to me like we are challenging the top of of the channel in a falling wedge. It also appears we are entering supply zone with low volume.