Bitcoin BTC Make or Break AGAIN
Seems like BTC is finding itself more in more in Make or Break situations.
By any measure of previous Price Action, this is completely DIFFERENT.
Not only is BTC locked into a localized uptrend, but every other real pump came from a systematic downtrend. I have represented this within the chart.
So while I'm not saying it's impossible for it to break to the upside, this behavior is extremely irregular and is a complete change in trend.
I have a localized Count which would confirm if there is a decisive break to the downside. This pattern should be followed by an ABC corrective wave to the Uptrend Line which still is yet to be tested.
Price is sitting right on the 3 Day 200MA which is again a FIRST.
It has also tested this support 5+ times just in this one sequence. Which usually means weakening support when tested consecutively.
RSI also seems to indicate a break in momentum which is not something you want to see right at critical support.
All past behavior points to a breakdown, but markets are very uncertain right now. One change in narrative and outlook can change.
Also, we are approaching the second half of the month. BTC's favorite time to pump. If that is missing this time around; Buckle up.
Really tough market we are in today.
This was my post a month ago before anyone really even considered this pattern. Price has finally reached it.
Then I updated it with additional information and supporting elements.
Check out the two linked posts above if that interests you!
Hope that helps!
By any measure of previous Price Action, this is completely DIFFERENT.
Not only is BTC locked into a localized uptrend, but every other real pump came from a systematic downtrend. I have represented this within the chart.
So while I'm not saying it's impossible for it to break to the upside, this behavior is extremely irregular and is a complete change in trend.
I have a localized Count which would confirm if there is a decisive break to the downside. This pattern should be followed by an ABC corrective wave to the Uptrend Line which still is yet to be tested.
Price is sitting right on the 3 Day 200MA which is again a FIRST.
It has also tested this support 5+ times just in this one sequence. Which usually means weakening support when tested consecutively.
RSI also seems to indicate a break in momentum which is not something you want to see right at critical support.
All past behavior points to a breakdown, but markets are very uncertain right now. One change in narrative and outlook can change.
Also, we are approaching the second half of the month. BTC's favorite time to pump. If that is missing this time around; Buckle up.
Really tough market we are in today.
This was my post a month ago before anyone really even considered this pattern. Price has finally reached it.
Then I updated it with additional information and supporting elements.
Check out the two linked posts above if that interests you!
Hope that helps!
Comment:
I have an updated perspective/possibility on the situation, here is the new post.
