Purple Crypto

Commentary: Published 28 July 2020

In our recent idea ‘Bitcoin Prints Higher Lows’, we had anticipated a spectacular upcoming move. Having displayed steady price action for over two months, with decreasing but strongly positive stochastics and indicators, meant BTC had something to prove. And proven it has.

It skyrocketed past a strong resistance level and hit our target (and beyond) on our ‘Rare Expanding Triangle’ analysis which we shared on Telegram and Twitter.

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Watch this play out on Youtube.

https://www.youtube.com/watch?v=kwsO3bF_8qI

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As isn’t already obvious, our channel looks a little different to most others. In this idea, we expand on our ‘Snookered or Not’ analysis and present three scenarios for Papa Bear from hereon in.

1. The Bullish Move: a break out from the top of this channel followed by a pullback to the vicinity of the top of the channel and onwards and upwards movement. This will be a delight for the “to the moon”ers and a seriously bullish move.

2. The Bearish Move: indicated by movement back down into the downtrend channel. This could include a minor/fake break-out of the channel or no break of the channel at all, followed by a pullback to the line of resistance turned support.

3. The Death Trap: This is where all bulls die a sudden death.

=> No. 2 above followed by a retracement back into the channel.

=> With or without a rise back to the top of the channel.

=> With an ensuing downtrend back to or in the vicinity of the ‘Point of Control’ marked on the chart (whether its lower or higher – only the crypto Gods know).

While proving to be in a strong position now, Papa Bear will need to turn the previously strong level of resistance into a definite support (whether that is a support level or the top of the channel) and take off from there for this to be a truly positive move.