There as some massive sell walls we have to break through on Kucoin. Almost like someone is trying to stop etn from going higher. Every 3 Sats over a million coin sell walls
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BTC is on the verge of a real move. I just donāt know which way. Iāve been more bullish than bearish, but the drop under the inclining yellow support line with two rejections to get back over it on the following two candles has me a little concerned.
I found a potential descending wedge (the purple support/resistance descending lines) that may be playing outā¦but they are not confirmed so Iām not going to put too much credit into them yet. Itās just something Iām watching on the more macro level.
All in all, if we donāt get some volume we risk a dropā¦maybe a double bottom at the 3150 range. The only saving grace is the fact that every time we have dropped, weāve popped back up very quickly indicating the bulls are there, they just arenāt actively making a run through buys.
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Here is the descending wedge on the daily that Iām tracking with the purple lines. Outside of the false premature breakout, that you can clearly see, the pattern is pretty clear.
For those that donāt know what a descending wedge is, or what it means, this is the definition:
The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge.
Iām not saying we are going to break up or break down. There is a strong case for both. But there is a lot more room to the upside seeing the blue descending line piercing through the middle of the wedge is the overall downtrend that weāve had since Januaryā¦we are now above it and it should act as an extremely strong support. So maybe we have one more drop to the purple/blue line support which are more or less converging in the 3400 range and bounce back quickly to break the wedge. Even if we do, we have more resistance aboveā¦so we wonāt be out of the woods by any means if we do pop up.
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I just found something very interesting on the weekly log view for Bitcoin dating back to 2010. There are youtubers that use this chart that have fancy curved lines and triangles and other shapes on their charts to show we might go lower. All I did was zoom out a little and draw a single line to show a much more simplistic overall view that just might be more accurate. Of course, I could be totally wrong and this should not be taken as financial advice.
You will notice we are near the lowest point on the weekly RSI that we have ever been. The current bars are touching the trend line on from the top side and you will see how strong that support is based on past years. This re-enforces my thinking that we have already hit bottom and we started the next up trend/bull market. It may not seem like it right nowā¦but it sure is funny seeing any drastic drop in price get eaten up very very quickly. Anyway, I thought this was kind of a cool find and realized IF we did drop, it would hurt. But itās going to take A LOT of sell pressure to get through that line and I simply do not believe the bears have that much pressure to use after almost the longest bear market in BTCās history.
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Based on historical trends it seemed to me that we had just entered into the accumulation phase. This post has kinda solidified my thinking. Historically a year before the halving event the bull run starts which would be May 2019 (halving is May 2020). This falls right in line for the length of the accumulation phase and it having already started. Guess weāll see.
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Iām going to go out on a limb and say we will see some real BTC movement within the next 48 hours as the weekly candle below ends (Monday is a new candle). This chart is a zoomed in version of the log chart for the entirety of BTC charting since inception that I posted two posts up. We SHOULD go upā¦but this is crypto and you just never know.
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Times well with tomorrowās small buy. This makes me happy. 
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From a BTC perspective, we are seeing what we would expect to see on a Sunday, a steady dip. Tomorrow will probably bring more of the same as Mondays typically do with some interesting looking wicks to the downside. As such, every indicator is showing bearish signs suggesting we will go down.
This is where my observations end and my opinion beginsā¦which could be totally wrong.
From what I see and how I interpret the price action, the steady decline thus far tells me the bulls are still sitting back waiting for the exact right time to unleash their fury. As price tries to dump, the acceleration of the dumps gets slowed down very quickly and wicks back up. It seems to me the bulls are allowing the price to come down to where they want it before taking everything the bears have. What that price is, I do not knowā¦but one trend I donāt see changing is the Sunday/Monday typical dips. If we donāt see something happen today or tomorrow, Tuesday should make for an interesting day.
With all this said, my personal belief is we are going to have a massive candle up very soon despite all the indicators that say otherwise. Again, I could be totally wrong. But this price movement simply seems like big money manipulating the bots to sell low before pouncing.
EDIT: This wick JUST happened 20 minutes after I originally posted this message. Proof the bulls are simply lurking. Draw your own conclusions, but weāve seen these wicks time after time for a few weeks now with no significant sustained drops. Thereās been a downtrend, yes. But thatās by designā¦itās the bull playing the bearsā¦in my opinion, of course.
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This all makes sense. I like that bulls play with bearsā¦bears played with us for over a year nowā¦lets get them burned 
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What resources would you suggest, to someone that wanted to learn T/A - how did you learn?
I learned by watching A LOT of various real youtube TA people every day for 4-5 hours a day for the last 14 months. I donāt know all the theory behind everything I know, but after a while your experience of attempting TA yourself will prove things true or false on itsā own (thatās where most theory comes from to begin with).
With that said, not everyone can read charts even if they are formally trained. It takes a keep eye to spot patterns and candle flow. It really is a skill you either have or you donāt like any other skill set. I find it an absolute blast to do. I love it.
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Thank you - if you have any video links you consider to be particularly good, I would be very grateful.
There isnāt a single video or TA person I could give you that would really do much. You just have to go to youtube and start watching TA videos you see. Each TA guy has their own style and indicators that they use. You really have to watch them all for a while to get an understanding of why they use the indicators they do and why they apply them in their specific ways. When I first starting looking at TA, it was actually an accident. I think I started by watching Dan on the Crypto Capital Venture youtube channel and I found it so fascinating that I literally started doing youtube video searches for āCrypto TAā. No single person is 100% correct and TA is not meant to be used for future telling. But seeing how each one view the flow and understand why they see it the way they do is fascinating to me. Itās human psychology which has always interested meā¦because people are weird and I get entertainment out of their emotions. I would be a perfect troll if I liked to cause people griefā¦but I donātā¦for the most part ;p
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Billy_Bongo I can give you contact details of a brilliant Eliot wave principle teacher? He do online courses?
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It seems more and more likely that we are seeing equal legs scinario playing out here? Where the A and C legs are equal in length. The C will be in confluence with the 61.8 Fib line. If that plays out, we will get the bounce, regardless 
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The 61.8 is looking like a great bounce pad right nowā¦but we will need volume to get through the ~28 BTC sell wall between the 200-210 sat range. I find it awefully strange that wall just popped out of no where yesterday.
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Just an update on the BTC fractals getting closer to the launch pad?
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Yes sir. It is Monday! The real answers will come Tuesday to see where we are headed. I still belive we will see a hard bounce. But you never know in crypto.
EDIT:
Now that I was able to get to my chart, I saw it to be a very interesting thing to see BTC bounced off the descending wedge patter I drew in purple a few days ago. Will we see the hard bounce Iāve been expecting in the next ~20 hours? Weāll see.
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Yup it bounce nicely on that line? Cryptoman976 Can I add? I count 4swings, maybe one little one to give 5, press it nice into that little corner X? Then the big bounce? OR if we break that fractal pattern, then we are away!
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Yes, that is very valid and possibleā¦well, anything is possible. But the more charts we have the better. Not any one person can see it all.
EDIT:
Hereās the updated overall Bitcoin chart on the log scale with the 200 Weekly moving average shown. We have never been under that average for any length of time (and I hope we donāt start now). The lowest I believe we will go is $3290 with a potential dip under to form a quick wick before we go back up. There is cleary more room to go up than downā¦assuming that historical MA holds
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