I've spoken to the marketing team about this. Although we have the footnote regarding the 6 hour time off, I do see where you're coming from so I will pass on the information. Luckily they sit very close to me!
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Bitcoin continues to follow my road map. The 8800 level remains a vital resistance zone but right now a more important zone of support is coming up. This is an area I highlighted previously as a make or break as I feel a break lower through this area (circa 7200, the Fib 62% level, or between 7000-7400) would suggest a full breakdown in the market and possibly signaling the end is nigh.
The fundamentals could be construed as supporting this scenario if you believe the price action is more indicative of a highly speculative mania. Certainly the % or IG traders Long suggests that everyone is eager for another massive rally, despite the technicals... In order for crypto to supplant either Gold as a store of value or Fiat currency as a means of barter the speculation has to stop and cryptos like Bitcoin (well in fact for the ultimate vision to become reality there can be only one really) have to be essentially valueless (in the sense that it cannot be valued in USD). Crypto has to resolve the split personality issue as well. Is it a challenge to Gold or a challenge to Fiat? Can it credibly be both? If we get a major financial system crash in the near term I don't think any of the Cryptos will be sufficiently established to be either. So that leaves speculation for now and such markets are not much different to other speculative financial markets so for now I am leaning towards a bounce off the bottom of the consolidation Triangle (maybe around the Fib 62%) and a final rally.
If that occurs then the projection for a rally end is about 18000, which is lower than the previous ATH as around the Fib 88.6% level. However that unclosed gap still lurks around 6000... Interestingly the 8800 level is setting up to align with a break of the upper Triangle line. If we do see a bounce then the next big make or break will be a test of that resistance zone and a breakout of that to the upside should herald a big rally phase.
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