฿ Bitcoin BTC/USD Daily Video, June 29, 2020

ransomevm

Private
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17
Hi Sive, Many days ago you mentioned that on monthly chart BTC has made a stop grabber for the month of May. And if it closes below 9700 in June it will be a bearish sign for the BTC to go new lower levels.
Any thoughts around the monthly closing on the BTC?
 

Sive Morten

Special Consultant to the FPA
Messages
13,522
Hi Sive, Many days ago you mentioned that on monthly chart BTC has made a stop grabber for the month of May. And if it closes below 9700 in June it will be a bearish sign for the BTC to go new lower levels.
Any thoughts around the monthly closing on the BTC?
Yes, Indeed. Yesterday we've got second grabber on monthly chart. And all that I've said is correct, because market has to climb above May-June top to cancel them both. It means that on daily/intraday charts we have to be careful to bearish signs. Always, when some pattern appears on monthly chart, before it starts to work, we see clear signs on lower time frames as market has to prepare corresponding background. Now we do not have it yet, but it doesn't mean that it can't appear soon - forewarned is forearmed
 

ransomevm

Private
Messages
17
Yes, Indeed. Yesterday we've got second grabber on monthly chart. And all that I've said is correct, because market has to climb above May-June top to cancel them both. It means that on daily/intraday charts we have to be careful to bearish signs. Always, when some pattern appears on monthly chart, before it starts to work, we see clear signs on lower time frames as market has to prepare corresponding background. Now we do not have it yet, but it doesn't mean that it can't appear soon - forewarned is forearmed
Thanks for your reply. It makes sense now.
 
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