Quote from: mk4 on September 08, 2020, 03:14:07 AM

And we all know that the Federal Reserve is artificially propping up the stock markets.

The FED is debasing the monetary base for every citizen not just of USA but globally where dollar is used as a reserve currency in multiple countries as an exchange asset. Lets not credit them with anything especially positive, I'll only say they mean well but I dont find anything noble in actions which will certainly lead to failure. A prop could be viewed positively where it helps heal the underlying structure but this will not, volatility will rise from excess easy money policy.

The current action is a pullback resolving slowly, I might presume downwards but its not especially proven that so far. The largest point towards that argument is closing weekly bars below 10500 which I would take as another pin towards moving downwards. July we moved upwards past this resistance only to now resolve downwards, that could be taken as a negative indicator for future action.

BTC progress is not always linear sometimes its held back then rushes forward. Right this moment its retreating from a 'good' ceiling or regular resistance and thats normal enough on off peak weekend hours though Japan enters its working week around about this time and earlier.

Recent high is top of the range since we corrected downwards, I would still say this isnt especially negative at present and could just represent profit taking.