Dancing through the lines of least resistance.
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Yes..it might seem a bit colorful and chaotic. In a nut shell..those two Purple lines are a very strong downtrend and a fib resistance line from way back and they have been doing a good job at keeping bitcoin at bay. We shall see if it can rise up but not likely..as we go down.. If we break below the bottom of the blue box then we set a lower low on the longer term downtrend in my linked post.
Note
We had 2 good bounces now a off the first purple downtrend and a good first wick up to the second and are now on our way again down a bit..i expect we will see some action when we get to the first golden fib arc tomorrowNote
The upward fib arc will come into play and lift us up to the purple line causing market pressure and the fib arc should cause the price to lower unless the bulls rally hard soon.Note
CCi at the top is still in a holding pattern if you were thinking of buying. I normally would want to see confirmation on the 4hr before I thought of shorting or longing.Note
pressure has risen to the ceiling and we need a release..either we break the ceiling or pop out lower
back to the red short term resistance lines
Note
A year and half later and we still are in the blue box.
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