Bitcoin Trend Cap – Price Must Test the Floor $BTCUSD

avant-hier

A trend cap occurs when two bars of similar height form near the peak of a move, capping the trend and signaling that price isn’t going any higher. Bitcoin has just printed one on the 30-minute chart, rejecting off the upper Bollinger Band.

This means price is now set to return to test the floor it recently established. Many traders are misreading this as the start of a recovery, but this pattern suggests that the test will fail, leading to further downside.

Know thy shoe. The shoe will find the ground.

BTCUSD BTC1!






[Update: as I am typing up the summary for the video, the current price action in the 30 minute bar discussed in the video is now closing, and the pattern is not exactly that which I describe in the video and may already be a failed reversal pattern and displaying signs of continuation like I also discussed explicitly in the video - the red bar now being longer than the green one, it could just be a flag - what may have occurred has specific explicit conditions for confirmation or failure, and that may end up being what this video is about. We will know definitively within 12 minutes of this publishing, as that's all the time left on the subsequent bar - no more time is required for a proper interpretation, for confirmation or failure]

avant-hier

Ordre annulé

Yep, that's all the time it took ladies and gentlemen, according to the update, I left in the bottom of the video summary, I ought to have waited for the would be price cap to close before making the video. I just wanted to get something out there, which was actually contemporary to what I was talking about, however. The fundamental things that I discussed in the video still ring true on any other chart, and will in the future. It is simply that by the time this video was published. The bar had evolved and it was no longer what I like to call a trend cap.

NOW, that being said, I still don't think we can continue up very much longer at all without coming back down to test the floor at 85,000, even if this is a reversal and bitcoin continues higher, it demands confirmation before departure, it has to happen sometime soon, that's just my opinion.

avant-hier

Note

Let me just make this clear... I selected the cancel order option up there not because I was second-guessing the direction bitcoin is headed, only the immediate price action following what I was trying to point out as a "trend cap" as I like to call it… basically, trying to demonstrate a scalping technique. If you'll watch the video and look at my previous stuff you'll see bitcoin is doing exactly what I said it was gonna do, and this has always been painfully obvious to me… And I'm telling you still - 69,000 is coming.