Weekly candle just closed previous positive weekly candle- this could lead to much lower lows...
I have zoomed out as well to reveal the MACRO pattern in play ( Formation-RED).
This is going to represent the possible lowest BTC can go if all (intermediate patterns fail), and price drops. The does terminate at the 3 yr MA I have installed. This pattern could turn into a , but I am reserving that for now.
The sentiment appears to have vanished suddenly in final minutes of the weekly candle.
Weekly Candle is just minimizing my sentiments now.
Price action seems to be going lower as we also rejected several times to the upside.
This chart shows the MACRO positions in play.. if we do not bounce at 8500- expect tremendously lower lows. With the weekly.. its a difficult call, so the options are outlined. If we go lower- again still short term.. longer term is still , so keep your options in mind and looks like we have to be a bit more vigilant in watching these charts this long weekend!
This is a wait and see position... but we know if 8500 does not hold where we will be going.
#1 is the initial Bounce this bounce. If unimpeded we go to newer highs- #3A.
#2 However this bounce could be rejected at 9100.
If so this will lead to lower lows and the downward completion of the (red) #3B.
If #3b manifests then we will still have powerful activity, but we will need to wait for this to form for sure. This is cautionary news- considering we were looking so well for upside until the weekly tanked.
CHEERS! Have shorts in the hopper waiting justin case!
(thats a zero in the word "c0de") BTC accepted too :)
Lets make some money!
(Not investment advice)