If market structure means anything to bitcoin, unless more volume comes in, the price is likely to come against more heavy resistance areas. Those are likely the going to be the major fib levels and / or the various moving averages. These are where I'm expecting things to go. The short term looks like it could be sunny, but this turnaround could be coming. If you consider the slightly downward slope of the purple triangle, this is near or closing in on the top of this move at ~$8500.
Chances are minimally we'll need to consolidate into a new swing upward into the $11700 previous swing high, and that move if its anywhere near the same period in the wave, will be around christmas just in time for another crash for taxes if that's to be believed. This could get interesting still. I'm also assuming a similar bear market to the last major bear market. It will be fun to see if the $5800 level holds. I'd expect a bumpy ride unless the exchanges somehow tamper with shit and spike the price artificially somehow. Given the futures market growing, which will probably suppress price in the medium term, sideways is probable the best option here, until we can ensure the defense of the $5755 level.
Weekly Chart
Daily Chart
Topping out on a 9 on the TD sequential, calling out the potential top and consolidation.
I'm just some guy documenting his own expectations in this new market. Follow me or don't. Comment or don't. Upvotes are appreciate :)
Thanks.
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