Up and out...
(Source: https://twitter.com/WhatsCrypto/status/1398623608163901445/photo/1)
Bitcoin is either going to go up and out or down and below
Bitcoin is going to emerge from consolidation in the not too distant future, where does it go when it does?
Bitcoin isn't going to consolidate forever.
It's going to either break up and out or down and below.
My guess, considering we are in a bull market, the resolution will be up and out.
Something like this:
(Source: https://twitter.com/tempting_beef/status/1398317261149159430/photo/2)
The bad news with this model is that it shows a retest of those lows.
I'm not sure about you, but I certainly don't want to see bitcoin at $30k again.
The price action lately doesn't rule that out though.
If we can break and hold above $40k, I'd feel confident saying that $30k was the low.
However, we are not there yet and a break to $30k is probably just as likely, if not more likely, than a move over $40k in the near term.
Get your dry powder ready...
Stay informed my friends.
-Doc
Looks like it's the second chart for sure now.
Double bottom accumulation.
Everyone dumping.
Bitcoin's been hit from every direction.
Market is rekt.
This is a major test for crypto.
The powers that be only want crypto if every transfer has a name attached to it, but pretty sure crypto doesn't want that.
I was hoping we'd get to the end of the summer before all this...
Just about all out of dry powder at this point.
The good news is that if it holds up here, it will be antifragile.