This is just a quick update on BTC's current stress zones. The outlook after Friday's sell off is a High Volatility zone within 6855 - 7455 where the price is currently consolidating. A high volume break above or below this zone will set the direction for the next 48 hours.
Notice how the supply channel started on April 25th has provided support so far on more than one occasions. If that also breaks expect the new trend to be on the direction of the break out for the next 48 hours.
In my opinion this is more likely to be lower. The reason is my latest analysis on comparing this parabolic rise to similar patterns in 2015 and 2012.
On top of that I came across a very similar pattern in 2016 with the same RSI and MACD dynamics as the current price action. As you see below, this also shows a bearish break-out after the consolidation on the supply/ support channel broke.
As I've said on the previous analysis a stronger pull back should make us panic. If anything I welcome it, it is an opportunity to buy lower now that the new bull market has been confirmed. Do not get carried away by the current volatility and lose your long term goal. Such price action is dangerous to push you into making mistake and rushed decision. Stay with the long term dynamics.
Hey Shot, and I think that it will move up, I think that this is the silence before the storm and the price can go far up, on the following chart I can feel a big Cup and Handle, and we are at the last stage, June can be very abundant