I am looking at the one hour this a.m. and we fell a bit last night. Apparently the bears dont like the idea of us crossing the .5 fib on the chart right now. We fell right through the cloud. It offered no support and we fell to the bottom of the triangle pattern which is pretty close to the .236 fib. There was a golden cross on the 1 hr yesterday but as you can see it had little effect on the candles. Those things are "hit and miss" anyways. We also didnt find any support on the 50 MA or the 200 MA... RSI looks great right now as it is over sold. I am still in my long position but if I wasnt I would likely take a position here. Although I would certainly set a stop loss. You just cant be too careful. We sank all the way to about 10100 last night but we have since bounced up a bit to 10225. Daily volume as of right now is sitting at $16,721,016,693 and Bitcoin dominance is currently at 70.06%. If we are going to turn this around the bulls better wake up and get this show on the road. But WTFDIK???
I really like your overviews, they similar to mine in some ways :).
Keep up the good work, been following you for a while, my friend from FB (Atheos D. Guinness recommended me to follow you since the Radio Bitcoin started).
gonuclearnavy
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We are still well inside the triangle at this point 1215p MST. The drawing of your walls, whether loosely or more exact, can indicate whether the trend is holding or not. Anything reasonably within the triangle is fair game as we go forward, however, a definitive breakout has not happened as yet. Take a look at the 8 day Gaussian, and recent (last night) crosses, and re-evaluate. Also check the ongoing channel incline to the upward... > 50 degrees right now, still within the channel, and expectations of a large breakout in the next handful of days. Horizontal movement at the moment is prime re-accumulation territory. 95% of all indicators are bullish long term, though anything can happen day to day. Bullish indicators include BAKKT, strong oversold indicators and ongoing Institutional onboarding at Fidelity and TDAmeritrade. Possible negatives (short term) is Tether's creation level-off at the 4.1B level (for the last 5-6 weeks). Tether is also under pressure by regulators demanding info and paperwork by October. This might be a medium term headwind, but both short and long term, not an issue.
Moose's Prognostication: Immediate term (1-3 days) horizontal to bullish. Intermediate term (4 days-2 weeks) bullish. Intermed/long term (2 weeks-3 months) strong overall bullish. Long term (3 months - 12 month) strong bullish, leading to another hyperbolic run up 10x to 50x (12-36 months), followed by a 50% drop (+/-) and a multi-year repeat of the cycle.
Short term odds of a drop below support at 9700 are very small; below 8800 support levels are smaller still.
Keep up the good work, been following you for a while, my friend from FB (Atheos D. Guinness recommended me to follow you since the Radio Bitcoin started).