Elevator took BTC down. Stair Step Recovery is Under Way.
I have updated my original chart that I used in my "A Road Map for the Bitcoin Bulls (at least for the Short Term)" published on Sept 2nd.
BTC fell down the elevator shaft on noon Friday. Some say BTC was pushed down the open elevator shaft by the Federal Reserve Chairman Powell when he said the Federal Reserve wasn't pursuing blockchain. We all know that is a lie. The ECB is going to embrace blockchain and it is difficult to think the Fed will ignore the future and be left behind. If I were Colombo, I'd check BTC for his fingerprints.
Thankfully BTC is recovering after the fall and is now taking the stairs back up. :-)
In this 4 hour chart, notice how the very bottom of the fall just happened to coincide with the bottom of the Pitchfork Channel like it did on Sept 1st. As I mentioned before, the bottom edge of this channel makes for an excellent Buy Bounce (Blue Circle). If you miss the bounce at the very bottom, often the bottom blue channel of the Pitchfork makes for a buying opportunity on the way up. If the price falls through the bottom edge of the pitchfork channel, the it may be a shorting opportunity.
You will notice we are taking the stairs back up, one floor at a time. But will we get back up to the penthouse suite (10.9k) in one go? Or will we have to stop off for a breather half way up? Stair climbing takes up a lot of energy and we may get winded and we may need to go sideways for a bit.
As always, please do your own due diligence when buying or selling cryptos.
(Please hit the Like button on your way out.)
BTC fell down the elevator shaft on noon Friday. Some say BTC was pushed down the open elevator shaft by the Federal Reserve Chairman Powell when he said the Federal Reserve wasn't pursuing blockchain. We all know that is a lie. The ECB is going to embrace blockchain and it is difficult to think the Fed will ignore the future and be left behind. If I were Colombo, I'd check BTC for his fingerprints.
Thankfully BTC is recovering after the fall and is now taking the stairs back up. :-)
In this 4 hour chart, notice how the very bottom of the fall just happened to coincide with the bottom of the Pitchfork Channel like it did on Sept 1st. As I mentioned before, the bottom edge of this channel makes for an excellent Buy Bounce (Blue Circle). If you miss the bounce at the very bottom, often the bottom blue channel of the Pitchfork makes for a buying opportunity on the way up. If the price falls through the bottom edge of the pitchfork channel, the it may be a shorting opportunity.
You will notice we are taking the stairs back up, one floor at a time. But will we get back up to the penthouse suite (10.9k) in one go? Or will we have to stop off for a breather half way up? Stair climbing takes up a lot of energy and we may get winded and we may need to go sideways for a bit.
As always, please do your own due diligence when buying or selling cryptos.
(Please hit the Like button on your way out.)
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