I'll keep this short and sweet. Notice how we have bounced around the Big Red 2.618 magical fib circle ring over the past several days? That's an indication of future action taking place along that line. Being that we are still in a clear downward-moving channel, there's a really good chance we will bail off of this ring and drop down to the next line, at the Big Red 3.618. Also take note that the stochastic is clearly in the "overbought" territory, and looks like it is ready to head south again. But look for a possible dip to $7500. My guess is one week and we'll be there.
We could bounce on that 3.618 and head back up to the top of the parallel trading channel, but IF we make it back up that high I think BTC will hit its head hard and pivot after peaking at $8750 and continue the downward trend with the momentum of a roller coaster on the first big drop.
I would be careful listening to anyone talking "major breakout!" if we get that pump after the impending dip. Every five minutes, the jackasses on YouTube go from "BTC is going to dive!" to "BULL FLAG BREAKOUT!" within the same day. You just can't trust what you hear. In fact, don't even trust me. I'm not giving financial advice. I only call it like I see it, and report the alerts when we approach previously magical fib circle boundaries. Let's see how this one plays out!
Carlton Flowers
The CryptoPro
We could bounce on that 3.618 and head back up to the top of the parallel trading channel, but IF we make it back up that high I think BTC will hit its head hard and pivot after peaking at $8750 and continue the downward trend with the momentum of a roller coaster on the first big drop.
I would be careful listening to anyone talking "major breakout!" if we get that pump after the impending dip. Every five minutes, the jackasses on YouTube go from "BTC is going to dive!" to "BULL FLAG BREAKOUT!" within the same day. You just can't trust what you hear. In fact, don't even trust me. I'm not giving financial advice. I only call it like I see it, and report the alerts when we approach previously magical fib circle boundaries. Let's see how this one plays out!
Carlton Flowers
The CryptoPro