Weeks ago, we indicated BTC appeared to be developing a consolidation pattern. That has proven to be accurate. These patterns go back and forth to shake out bulls and bears with lots of fake outs. They normally last awhile as price tests both support and resistance levels.
There’s a great line in a highly underrated Charlie Sheen movie called The Arrival (1996 – when Sheen was cool well before he started “winning”) that we think applies to the current BTC set up.
The option market does not appear anxious about Twitter earnings, expected to be announced later this week. Implied volatility (IV) from options prices is at the lowest levels it has been ahead of Twitter Q2 earnings, signifying the stock is not expecting a large move in price.
We’re at a key point in the current correction from the recent top and now can share useful updated technical analysis on multiple key coins, but we think there is one thing to watch that stands above all else:
BTC failed at making a new wave cycle high (so far) and now the BEARS have the ball with $9500 the trigger for what could be a BIG DROP for BTC and altcoins. This means – PROTECT PROFITS but it also means buying opportunities at lower prices – possibly MUCH lower so caution advised!!