I studied this damn thing for 6 months in the past, went through all the different patterns and fib ratios to understand how the tops are defined, etc. What I have noticed after all that hard work, any pattern that works gave a very mediocre risk reward results!
@Forged
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As eNyce indicated on the 2011 gold bear trap, we could be in for a potential one in BTC. Straight from the highest point, you see the last green candle breaks and then a little retrace into the open of that candle rejection (highest red line resistance). A repeat of the lower red line resistance when price snapped back through it but only for a day.
The trend is definitely still up but the momentum is definitely tapering off. Price rallied then sold off to the support from the Chinese Govt policy shift. I see this as a dead cat bounce and I see the current bull green candle as price action to draw in the the late retracement bulls to offer them premium pricing until they get smothered with supply.
3000 is the level to watch or start shorting!
Gold bounce off the 1288 circa will be interesting since from 1295-1300 is a strong resistance currently. I would not be betting either way but gold sector is taking this bounce with some new found quiet confidence today. Those bond yields taking off is a concern for the longer term beside a chart technicals and based on my understandings it isn't great for gold. Maybe others have a better perspective they are willing to share?
