I was very puzzled by the recent upswing that wasn't happening exactly on my fib circle boundary, so I had to dig in and see what I might have done wrong. And I found my mistake. This is worthy of an update. Plus, we need to talk about the monumental pivot point of truth that is going to happen in a few hours, well, on the 1-hour chart anyway.
Where I found my error was on the Light Purple 4.236 fib line (based on June 26th, 2019 to July 12th, 2019 time frame). Zooming in to this fib, I realized that I created it on the 4-hour chart, and not the 1-hour chart. The end point of the date range was not at the bottom of the bottom candle. I must also mention that this fib set is based on the ends of the bodies of the candles and not the wicks. The end point was on the correct date, but was incorrectly positioned. I decided to zoom in and place the end point right at the bottom of the red candle, which is the last candle before the change in direction for the price action.
I scrolled over to the right, and to my surprise, the BTC price action falls EXACTLY on the line with the correction to the fib circle end point. This will be fun to watch over the next few hours, as it comes up the line. My prediction is that it will stay right on that line until we hit the monumental pivot point of truth. I'll call it the "MPPOT" for short.
Looking at the overall action, it appears that we have gone above the upper parallel trading channel again. But this is only on the 1-hour chart. Even if it closes a 4-hour candle above that line, the Big Red 4.618 is going to be what we are watching. Getting to or crossing this line will be the MMPOT, in my opinion. If we break through the Big Red 4.618 on the 1-day chart, we might get some wild action that turns into another bull run. But if we pivot and get rejected on that line, this might be the last rally before capitulation begins. There is still a possibility for capitulation if we break through the Big Red 4.618. Why? Because the Big Blue 1.618 is still looming above. That's the last barrier for the bull to jump before he can freely charge. But it's also a barrier that could whack the bull on the head with enough force to send BTC tumbling deep down into the bearish abyss.
My thought is that rejection on the Big Red 4.618 is the highest probability. Next would be rejection at the Big Blue 1.618. The last, and VERY last scenario would be a bull run breaking the previous 2019 ATH, where we see BTC mooning after plowing through the Big Blue line. This will make for some good TV while we watch. It shouldn't be boring!
Where I found my error was on the Light Purple 4.236 fib line (based on June 26th, 2019 to July 12th, 2019 time frame). Zooming in to this fib, I realized that I created it on the 4-hour chart, and not the 1-hour chart. The end point of the date range was not at the bottom of the bottom candle. I must also mention that this fib set is based on the ends of the bodies of the candles and not the wicks. The end point was on the correct date, but was incorrectly positioned. I decided to zoom in and place the end point right at the bottom of the red candle, which is the last candle before the change in direction for the price action.
I scrolled over to the right, and to my surprise, the BTC price action falls EXACTLY on the line with the correction to the fib circle end point. This will be fun to watch over the next few hours, as it comes up the line. My prediction is that it will stay right on that line until we hit the monumental pivot point of truth. I'll call it the "MPPOT" for short.
Looking at the overall action, it appears that we have gone above the upper parallel trading channel again. But this is only on the 1-hour chart. Even if it closes a 4-hour candle above that line, the Big Red 4.618 is going to be what we are watching. Getting to or crossing this line will be the MMPOT, in my opinion. If we break through the Big Red 4.618 on the 1-day chart, we might get some wild action that turns into another bull run. But if we pivot and get rejected on that line, this might be the last rally before capitulation begins. There is still a possibility for capitulation if we break through the Big Red 4.618. Why? Because the Big Blue 1.618 is still looming above. That's the last barrier for the bull to jump before he can freely charge. But it's also a barrier that could whack the bull on the head with enough force to send BTC tumbling deep down into the bearish abyss.
My thought is that rejection on the Big Red 4.618 is the highest probability. Next would be rejection at the Big Blue 1.618. The last, and VERY last scenario would be a bull run breaking the previous 2019 ATH, where we see BTC mooning after plowing through the Big Blue line. This will make for some good TV while we watch. It shouldn't be boring!