Surprisingly, once again, BTC appears to be attempting to consolidate a new price floor above the previous (Coinbase) ATH of 7988.5. If it's able to do so, it could be looking at a blue sky breakout at a time when a 60% retracement to the downside would seem to be the normally-expected course of events.
Hang on kids, it's going to be a bumpy ride!
Hang on kids, it's going to be a bumpy ride!
The term "blue sky" was definitely overstating the situation. There's clearly resistance just north of $8650 -- the top of the channel approximately in line with the trajectory of the price action as it's currently developing.
However, the last time the aroon indicator configuration matched the one that just formed, the result was a positive 32.5% run. If such a thing were to occur at this point, the resulting price would easily best $10K. I'm not saying this WILL happen, only that it appears plausible that it seems plausible that it COULD, and possibly ahead of any macro-scale correction.