After hovering around the Golden 0.618 retrace for several weeks, with the constant awareness that even the 6k levels might not hold, I believe we are out of the woods and that we can officially call fall 2019 a re-consolidation period. Though we may continue to retest 7k levels in the coming 100 days before the halving, there are several signs that we have broken the .
1. We have blown past major resistance levels established earlier in the current cycle at S7425 and S8375.
3. We have broken the out of the . No matter how you draw it or which chart you use, we have transcended the established this summer as we retraced from the oversold 14k high.
In addition to these three very markers, we are still below (and thus undersold) the live stock to flow chart currently pegging value at near $9900. What will happen next? Will we see all-time-highs again before the halving? Will we continue our consolidation along an 8375 resistance-become-support line? Will we slide down the top of our former for a while and retest 7k levels before breaking up after the May halving event? Who knows!?! But we are out of the channel and freed up for price discovery in the near future.
And freedom feels good!
Published at Wed, 15 Jan 2020 05:27:37 +0000