Crypto charts haven’t looked this good since last time they looked this good and then went on to disappoint everyone.
In other words, the chart is the equivalent of a dead beat dad who hasn’t shown up for your birthday in years (but did show up for a few birthdays with some epic gifts), telling you he is going to show up for your birthday.
Like yeah, that would be great, could be a really good time, but let’s not get our hopes up… because recently that has been a recipe for depression.
What I mean is this, with the ETF and Bakkt only waiting on regulator’s to give the thumbs up or down, and with the BCH fork coming Nov 15th, we are seeing a little rally above some key EMAs and toward some important resistance for many top cryptos.
Everything looks primed to break out. And not just break out, but break out right in a key spot at the tip of a large 2018 size triangle!
Man, what a perfect set up!
But again, it is a perfect setup like that phone call from that dad who fills you with hope and calls you champ and stuff.
Like maybe he brings a new puppy and some video games… but let’s be honest, there is a solid chance he no shows and you live with the disappointment for another year.
Point being, let’s not break out the party favors until we start taking out those key resistance levels and make a clean break into BTC $7ks with alts following strong. Which means, we very likely will need at least the CFTC to give Bakkt the thumbs up before we move.
NOTE: I realize I haven’t offered you a chart on this page, but you can see what I mean in a many different ways on many different charts. Simply turn on key indicators like Bollinger bands, EMAs (anything from 12 to 200), or draw some trend lines on any major coins using TradingView.com. You’ll essentially see us setup for a breakout in either direction, but see us butting up against resistance (rather than testing supports). That said, I don’t even like saying these words, because it is like telling you how cool that dad is when he shows up with cakes, and video games, and how he rides motorcycles. Like yeah, would be cool, but let’s be honest…