One more trip to low $60Ks. Then Off To The Races.

29 May 2024

One possible scenario I'm watching.
One more little dump within the current range, just to confuse and frustrate everyone and try to get a few more cheap sats out of us.
Then convergence of the bull flag and inverse head and shoulders... rip upwards.
Target $90,800.

5 Haz 2024

Not

Well it didn't go down all the way to the support I was watching for, and now it's pushing right against the resistance line at $71,300.

If it breaks this resistance, it has an excellent chance to break out of the range and explore new all time highs, expected to go at least into the mid $80Ks.

15 Haz 2024

Not

There's the touch on support at 65K
Later than I expected but if we're going to rally, it needs to happen next week and break through resistance at $71K. If it does, look out for new all time highs. If not, the drop would be to the next major support in the $50Ks at least.

19 Haz 2024

Not

Price has broken below my long term support line. There is currently a bounce back to about $65,500, but it's still under the support line, now turned resistance.

As much as I hate to do it, I now turn my highest probability expectations to BEARISH, with an expected retest of support around $56K.

26 Haz 2024

Not

Bearish calls in the above comments were correct.

There was a spring-like bounce from a low around $58,400, now back up to $61,500.

I don't think we are confirmed out of bearish territory yet. This is very much a situation where we wait and see the next move. I am accumulating at 59K and below, with understanding it may go even lower to test $56K and then $50K, or it may break Bullish again from here and come out from this range entirely.