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Alrightdude
Apr 9, 2021 2:09 PM

BTC CME/BTC USD likely breakout to the downside soon Short

CME:BTC1!1D
Bitcoin FuturesCME GLOBEX

Description

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BTC CME:

1. Price action:

1.1 Chart Pattern:

Rising wedge with ending diagonal = Reversal pattern

1.2 Market structure & Momentum:

Higher highs and higher lows, but pushes getting weaker and pullbacks aswell,
indicating a loss in momentum

2. RSI:

2.1 Chart Pattern:

Descending triangle, near the APEX -> likely breakout in the next 1-3 Week

2.2 Divergence:

We do have a 4 Drive divergence, which indicates a heavy loss in momentum and its easy to sell into it here

2.3 Market structure:

Making Lower highs and Equal lows while price action makes higher highs and higher lows = easy to sell into that

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A breakout is likely to occur in the next 1-3 weeks, where will it most likely break out?

Price action showing loss in momentum and a rising wedge reversal pattern with a ending diagonal of elliot wave which is a reversal sign

RSI is showing a 4 drive divergence and a descending triangle making lower highs but equal lows, bounces are getting weaker, leading to a breakout soon, most likely to the downside

So overall bitcoin cme is more likely to break to the downside, however this pattern can break also to the upside, its just way more probable to break to the downside

If we close a daily candle above the upper ascending trendline then we will most likely head to 100k

If we close a daily candle body below the lower ascending trendline the first target would be 45k
Trend AnalysisChart PatternsWave AnalysisRelative Strength Index (RSI)Elliott WaveRising WedgeBTCUSDBTCUSDTcryptoCryptocurrency
Comments
Satori_
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Well presented mate - cheers
But.... Coinbase listing on the 14th - could be one of those rising wedges that breaks up to 70K - then down
Alrightdude
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@Satori_, Thank you, sometimes when there are too many bullish news its where people get shaken out..
OptiPulse
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@Satori_, agreed, think we're gona break out to the upside too.
KairoiCapital
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excellent
Alrightdude
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@VestedMTL, Thank you very much
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