This is the same pattern Bitcoin formed back in July of 2021. A black swan, or bullish dragon.
The 1.13 rejection is also confluent with the idea of a Wyckoff accumulation spring event, and the same behavior we are seeing in the equities markets on major indices.
We also seem to be breaking some downsloping trends, or in the case of a bullish dragon, that would be the spine. This is also taking place on other derivatives like GBTC and BITO.
To really validate that idea we would need to break above the (C) point at about 24k. In the case of the dragon youd look for an 886.
Im personally focused on the gap here on futures around 28k, but there is another one much higher if we do manage to break above the first one. This 28 zone would complete a smaller Cypher, its also the measured move of the double bottom, and on an inverted chart, its the measured move of the Slanted Head and shoulders patterns nearing its breakout.
ADX shows the bear trend reached extremes and is gaining strength into a bullish trend.
MFI shows hidden divergence after diverging bullishly.
Stochastic is also crossing over while BBWP (volatility) is setting up to expand.
Provided nothing changes, this type of volatility expansion into a bullish trend would imply quite an extreme move.
While im optimistic, there are still some levels we need to break.
$BITO & $GBTC also make me optimistic.
The 1.13 rejection is also confluent with the idea of a Wyckoff accumulation spring event, and the same behavior we are seeing in the equities markets on major indices.
We also seem to be breaking some downsloping trends, or in the case of a bullish dragon, that would be the spine. This is also taking place on other derivatives like GBTC and BITO.
To really validate that idea we would need to break above the (C) point at about 24k. In the case of the dragon youd look for an 886.
Im personally focused on the gap here on futures around 28k, but there is another one much higher if we do manage to break above the first one. This 28 zone would complete a smaller Cypher, its also the measured move of the double bottom, and on an inverted chart, its the measured move of the Slanted Head and shoulders patterns nearing its breakout.
ADX shows the bear trend reached extremes and is gaining strength into a bullish trend.
MFI shows hidden divergence after diverging bullishly.
Stochastic is also crossing over while BBWP (volatility) is setting up to expand.
Provided nothing changes, this type of volatility expansion into a bullish trend would imply quite an extreme move.
While im optimistic, there are still some levels we need to break.
$BITO & $GBTC also make me optimistic.
