Quote from: Majormax on Today at 11:28:22 AM

Quote from: chunglam on Today at 09:59:46 AM

masterluc May 29 comment : All right, price doesn't respect short term trend line. I see it likes triangles now. Okay. Hit or miss. Resolution is close.

The pennant formation is a classic leader to resolution. The end of the pennant often seems to take longer than it should.

That overhead resistance is very strong, with 10 months of lower highs and classic failures at 13500, 10500 (twice) and 10000 (twice). It should worry potential long traders.

This kitty cat is not worried, because he knows that resistance looks strong until it is not, then the kitty cat ends up laughing all the way to the bank (as has happened several times previously.. and no real reason to believe that history is not going to come close to repeating itself in some kind of financially meaningful way). We have seen such doom and gloom fearing of resistance scenarios play out many times in bitcoinlandia... so should HODLers be taking any chances to NOT making sure that they are adequately stacked, stocked and ready for UP?

Quote from: Majormax on Today at 11:28:22 AM

If there is a breakout to 11k+ that would be the first bullish sign.

What are the odds of breaking above $11k on this particular run? Maybe in your more bearish view you put the odds at less than 35%, and I might be approaching the 40% arena because I am more bullish, but still the difference in our outlook might not be very different, and hopefully our actions (of stacking and stocking up) are not much different, either... but I conjecture that both you (and people who follow your doom and gloom pronouncements) might end up erring too much in terms of failing and refusing to materially and sufficiently act in the stacking and stocking up direction.. just in case. Wink

Quote from: Majormax on Today at 11:28:22 AM

14k cleared would negate the bear trend.

After $14k-ish, I am expecting some resistance in the $17k to $17.3k arena... but gosh, who knows in bitcoin? Do you have a next resistance level that you are considering above $14k-ish?

Quote from: Majormax on Today at 11:28:22 AM

An alternative likely scenario is a breakdown towards 6500, which should hold for at least the rest of the year, to build proper support.

I could see that... but of course, going down that far could also lead to a certain number of attempts at strong challenges to support.. but surely $6.5k is more than reasonable as a tentative assertion of a likely bottom for the coming 7 months or so.

Quote from: Majormax on Today at 11:28:22 AM

As far as consensus goes, yes, I feel the bulls are most hopeful atm, but that could be changed by a decent breakdown from here, as the hopes of 10k+ are very strong.

I can see that, too... hahahahahaaha Even though we have been largely bouncing in the lower to mid $9ks in the past 10 days or so, this battle is really likely to be trying to keep BTC prices sufficiently below $10k in order that retail does not start to FOMO buy too much in the event that we get too close to $10k, again... so sure, we will see... we will see.. nail biting.. and even difficult to say how long BTC prices can be kept in this range.. and like I said in several other posts in the past couple of weeks, I am not going to get too excited about any BTC prices that bounce between about $7,800 and $10,200... even though when the BTC price gets close to either end of the range, sure, I might start getting excited, even though I said that I wasn't going to .... call me a liar, if you will.... Cheesy