Forecast Analysis 4.23.24 From The CryptoUnderground

By TheDarkSage | The Crypto Underground | 23 Apr 2024

If you've been tracking my work at all recently, your eyes should be on that sky-blue channel I've got charted for BTC. After the clean 65K break, that upsloping path is our new tactical trajectory until further notice. That said we can break the bottom of the channel with little to no worry because the old consolidation line will most likely stop us from falling any further. I’m Expecting an impulse move into the 70K zone to play out over the next 7 days or so.

Now I'm not saying we'll go full MOON or anything crazy like that. Always going to be some foreseeable retracement nodes along the path. Tricky fake-out wicks trying to shake out overexposed knuckleheads and wick lickers. All part of the wonderful mind-games institutions use on us with this asset.

From my vantage, three key components is signaling why I'm favoring upside continuity for now:

  1. On-Chain Data: Take a peek under the hood and you'll see all the footprints pointing bullish. Exchange drains accelerate while whale wallets continue overpowering the minnow streams. Fundamentals are tilting towards consumers over sellers - a surefire recipe for short squeezes to develop.
  2. Froth Potential: Don't sleep on the speculative energy brewed during this compressed range. While we chopped out the last couple of months, a whole new crop of unsuspecting noobs got indoctrinated into BTC buy-the-dip propaganda. All it'll take is one solid upside catalyst to turn those zealots into buy-side beasts once again.
  3. V-Shaped Reversal Setup: Look, sometimes you've just gotta respect the pure technicals staring you in the face. After firmly rejecting those major downside facades, price is now tracking a quintessential v-reversal pattern. That dominant upsloping channel is literally the shape chasers' wet dream. Better join the party if you don't want to get left behind.

Put it all together and we've got ourselves a tantalizing recipe for northbound reverb to play out over this next week or maybe 10 days. Does that mean Fortune has smiled upon the bullcase permanently? Of course, not “crypto gonna' crypto” and this market is always one tweet or news clip away from a 40% intraday correction. All I know is that IF the energy sustains itself, my pivot is shifting back to playing for the upside.

For now up toward the 70K fulcrum. Not going full ham or anything crazy. But enough skin to make it spicy in case the floodgate really opens up. Stop losses are pre-planted at my stubborn invalidation line below.

Could be wrong! Maybe this was the exhaustion signal for the bear trend resuming. But MY levels remain aggressively bid towards upside scenarios until definitively proven otherwise. Often in this game, the simplest path is most likely - and that blue crayon is looking beautifully compliant at the moment.

The nuances and fail-safes can get complex of course. But hopefully, this entry explains my current processes and game plan for anyone following along. No certainties in these environments, but we hunt all the same. Here's to factually acquiring more BTC!



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Cryptocurrency Investor, Trader, Staker, Pooler, Farmer, Miner, and I am only sharing my opinion based on a modified Wyckoff Method and 20 Plus years of trading experience in Stocks, Forex and Crypto.

The Crypto Underground
The Crypto Underground

Welcome to "The Crypto Underground" ⛏️ – your go-to source for exploring the world of cryptocurrencies, daily technical analysis using a modified Wyckoff Method. DISCLAIMER: All of The Crypto Underground Posts are based on my opinions alone and are for informational purposes ONLY. YOU should not take any of this information as guidance or advice for buying or selling any type of cryptocurrency. I am not a financial advisor and anything that I say on this channel should not be seen as financial advice.

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