I have a lot on the chart, lets decipher through this.
Some of the information shown on the chart, for example, is from some previous Published Ideas like H & S and Double Top, which is not discussed at this time.
First a Double Trend continuation. We have both a long term uptrend and a much shorter down trend. Both trends show no diversions.
Both trends showing no diversion, we should believe the longer uptrend has more influence, over the shorter downtrend.
Long term uptrend is noted with the long Red Dashed line, points A & B touch and match with the MACd and RSI.
Shorter downtrend is the short Purple line, and touches point B only and has matching purple line on the MACd and RSI.
However we are in a channeling ascending triangle, and it is less likely for price to breakdown below the Red Dashed Line. Normally we would expect another up/down/up price reaction. Price has already completed the X-1-2-3 channel bounce and it is expected for channel bouncing 4-5 and then breakout uptrend. Right??...right.
We could also be in a large A-B-C cycle within this ascending channel , and this down trending continues.
I have a Daily price snapshot. The Daily is showing the Diversion. Price should react and a heavy retrace is definitely in the cards and on the table.
A healthy correction from all this price increase is what should be expected, However with BTC there's always more Bulls than Bears.
Strong Whales and Bots have incredible influence on this market, and honestly we have no way of predicting much of anything.
However Diversion lines hold the most true to my years of charting BTC, along with some other fundamental price pattern reactions, in which the Bots do hold somewhat true to, along with Fib lines.
I myself have a more tendency at this time to believe in the Retrace Correction more so the up trending ascending triangle.
We have to see and wait for price to break down past / below The channeling Red Dash Line.
Lastly the screen shot of the Daily Price showing with a Red Solid Line the Daily price divergence.
Some of the information shown on the chart, for example, is from some previous Published Ideas like H & S and Double Top, which is not discussed at this time.
First a Double Trend continuation. We have both a long term uptrend and a much shorter down trend. Both trends show no diversions.
Both trends showing no diversion, we should believe the longer uptrend has more influence, over the shorter downtrend.
Long term uptrend is noted with the long Red Dashed line, points A & B touch and match with the MACd and RSI.
Shorter downtrend is the short Purple line, and touches point B only and has matching purple line on the MACd and RSI.
However we are in a channeling ascending triangle, and it is less likely for price to breakdown below the Red Dashed Line. Normally we would expect another up/down/up price reaction. Price has already completed the X-1-2-3 channel bounce and it is expected for channel bouncing 4-5 and then breakout uptrend. Right??...right.
We could also be in a large A-B-C cycle within this ascending channel , and this down trending continues.
I have a Daily price snapshot. The Daily is showing the Diversion. Price should react and a heavy retrace is definitely in the cards and on the table.
A healthy correction from all this price increase is what should be expected, However with BTC there's always more Bulls than Bears.
Strong Whales and Bots have incredible influence on this market, and honestly we have no way of predicting much of anything.
However Diversion lines hold the most true to my years of charting BTC, along with some other fundamental price pattern reactions, in which the Bots do hold somewhat true to, along with Fib lines.
I myself have a more tendency at this time to believe in the Retrace Correction more so the up trending ascending triangle.
We have to see and wait for price to break down past / below The channeling Red Dash Line.
Lastly the screen shot of the Daily Price showing with a Red Solid Line the Daily price divergence.