Forecast: Cloudy with a chance of chocolateballs...
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...or, sideways with a chance of shitballs. We did fall out of the piss channel shown in my last chart, (linked below) but it just took a little longer. The bitcoin bear has been pretty constipated lately. Wheel chair guy ended up with his shit ramp built right over his shit head in the process. Ouch! Our next move is to constipate sideways and keep touching the critical pink dotted line at 6260. If we start to close any candles below that we have 6100, but 6000 is really close too. It has been good support, but we will only realize how weak it has become in hind sight. We could very well test 5800 again in the next 7 days.
Now with the 3 day chart on the bottom I've included the Chaikin Money Flow and volume for the bigger picture. I have pointed this out before, but no one else seems to mention this ever. Look at how bearish it has become. It hasn't dipped below zero since October 2016. Now it is constantly circling the drain with the zero line. The volume has also reduced to a limp drip of old chicken piss. It may be too late to clue in the permabulls, but this bear market has been pooping all over you and telling you it's chocolate, or likely that's what they have been telling themselves. Maybe it's time to stay out of the shit clouds this time guys. I don't trade with leverage, or small bounces, so if you're an expert trader in these respects good luck to you, and as always, take my charts with a grain of tangy piss.
Now with the 3 day chart on the bottom I've included the Chaikin Money Flow and volume for the bigger picture. I have pointed this out before, but no one else seems to mention this ever. Look at how bearish it has become. It hasn't dipped below zero since October 2016. Now it is constantly circling the drain with the zero line. The volume has also reduced to a limp drip of old chicken piss. It may be too late to clue in the permabulls, but this bear market has been pooping all over you and telling you it's chocolate, or likely that's what they have been telling themselves. Maybe it's time to stay out of the shit clouds this time guys. I don't trade with leverage, or small bounces, so if you're an expert trader in these respects good luck to you, and as always, take my charts with a grain of tangy piss.
Note
So this is why I trust my own tech analysis. There was something very subtle that I have mentioned in previous ideas and I have even said that I need to document it for myself because it's not easily seen when looking back. We had some slight increase in price with decreasing volume. I see this more clearly with binance's numbered volume ticker than looking at volume candles on charts. I knew we were gonna pay for it and here we are.This ends up being pretty significant for me, because on the flipside, some very good analysts were making good arguements for the possibility of making more upside, especially with the famed nverse head and shoulders pattern. Well I don't agree. Here we are back below 6200. However, 6100 and 6000 are still good support, so I gotta watch out. For now, I am still not buying into this mess.
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