Just when you thought it was safe to go back in the water…
BitCoin looks poised to ATTACK – and it could be a good thing or a bad thing depending on your position. Multiple price trend-lines and price channels are showing that BTCUSD will have some trouble breaking above the BLUE from years ago. Yet the most interesting component is the new MAROON that is setup from recent highs.
Remember, price MUST ALWAYS attempt to establish new price highs or new price lows. Because of the recent new price HIGH – guess what is the next target? Yup, an attempt at setting a new PRICE LOW. If it is successful, then the trend reverts back to and everyone should be prepared for a big drop in price. Yet, it this new price low attempt fails, then we’ll see a price rally back to the BLUE/MAROON price channels because price MUST attempt to break above the recent highs in order to establish a new high.
The bull has entered the China shop is appears to be PISSED.