I published this chart 4 April. It's interesting to revisit, and I didn't expect the CME gaps would be filled in this manner.
What I had expected was a fairly tame third tap on the descending trendline, around 10 April. Instead, on 10 April, we saw a dramatic impulse to the upside. And then another, after a period of consolidation.
What is interesting in retrospect is not simply that the CME gaps were filled. It's where the red wick segues to a white wick. Precisely on the descending trendline.
The baseline of this formation was set on 50,360.
Right now, I think this is unlikely to hold (see the linked analysis). But if this was just a massive liquidity grab, I can barely imagine the monster move up that would follow.
Are we repeating 21 February, or did BTC just telescope that move into a few hours, before exploding beyond the last ATH?
Feel free to comment.
What I had expected was a fairly tame third tap on the descending trendline, around 10 April. Instead, on 10 April, we saw a dramatic impulse to the upside. And then another, after a period of consolidation.
What is interesting in retrospect is not simply that the CME gaps were filled. It's where the red wick segues to a white wick. Precisely on the descending trendline.
The baseline of this formation was set on 50,360.
Right now, I think this is unlikely to hold (see the linked analysis). But if this was just a massive liquidity grab, I can barely imagine the monster move up that would follow.
Are we repeating 21 February, or did BTC just telescope that move into a few hours, before exploding beyond the last ATH?
Feel free to comment.
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