BTC has been forming up now for a while and shown movements over weekends. Macro targets have largely stayed the same (except for the obvious Green Target 1 – a previous “in pattern target” – follow the analysis build up from before) and backfilling the futures gap is still a thing. So is the quick clearing of the order books up and down just before a move. We have a confluence now that could propel us to the outer reaches of targets.
Decision Box 1 has proven to be the area around which accumulation / distribution has been persistent. Braking up from it has got lots of potential and Decision Box 2 has been the last support to count on. The “Decision 2 Triangle Extension” below points to the descending channel trading that is happening and this is dependent on the volume in those trades apposed to fear and greed trading out of the decision box 2 – so would require monitoring. Money Man is not keen on that type of trading, as you would know by now, as it is live and emotional.
Green Target 1 is explained well by the chart and could be a logical stall for a futures close too. Green Targets 3 would also be a confluence of old decisions and the current chart formation, but Green Target 2 is simply, for now old resistance that would still be there and throw a spanner in the works to calm things down.
Conclusion: The build-up is so clear that indicators are virtually unnecessary. Bitcoin is just waiting for an excuse to break ranks but will not do so illogically. Very Important to me: Please like if you appreciate the effort, Please leave a comment to develop this further and Please follow if you think this station might be playing tunes that you need or want to hear.
Decision Box 1 has proven to be the area around which accumulation / distribution has been persistent. Braking up from it has got lots of potential and Decision Box 2 has been the last support to count on. The “Decision 2 Triangle Extension” below points to the descending channel trading that is happening and this is dependent on the volume in those trades apposed to fear and greed trading out of the decision box 2 – so would require monitoring. Money Man is not keen on that type of trading, as you would know by now, as it is live and emotional.
Green Target 1 is explained well by the chart and could be a logical stall for a futures close too. Green Targets 3 would also be a confluence of old decisions and the current chart formation, but Green Target 2 is simply, for now old resistance that would still be there and throw a spanner in the works to calm things down.
Conclusion: The build-up is so clear that indicators are virtually unnecessary. Bitcoin is just waiting for an excuse to break ranks but will not do so illogically. Very Important to me: Please like if you appreciate the effort, Please leave a comment to develop this further and Please follow if you think this station might be playing tunes that you need or want to hear.
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