Hello,
We all have been enjoying this bull move on BTC and other Alts, in this TA I would like to discuss about whether BTC is ready to reverse. I think most likely, Yes.
Here are my arguments for BTC reversal (I wrote this article bit earlier from the Daily close, so there will be some minor differences);
Confirmed Bearish Div:
As seen from these charts we can clearly see some pretty massive bearish div from Shepherd Indicator on high TFs like 6H, 8H and 10H. We also see similar div on 12H but at the time of writing this TA it is not confirmed.
Elliot moves suggest correction:
From the bottom of 6440, I spotted 5 waves up move in BTC chart (outlined in yellow). To identify any relationship in these waves I plotted Fib extensions (in white), and as you see the wave 5 is a perfect 1.618 extension from wave 1 & 2. So, if this wave count is correct then I think BTC will put top near 8890 zone (the next fib extension 2.618 is at 10150, which is just too far for BTC to reach now).
For reversal I plotted a most likely scenario with ABC corrective sequence (in red), the major points are, A: 8125, B:8500, C:7700. This fits perfectly as final C wave will end on Major Fib Golden Pocket (in golden line).
Pitchfork:
Using waves 1 & 2 from above I then plotted an Original pitch fork, from this pitchfork we can clearly see that BTC has reached the mid line, hence further suggesting a possible reversal coming. This pitchfork will be a very important one for next couple months of BTC PA. So get it on your charts asap.
Reversal Pattern:
As seen from the Daily chart, BTC will most likely create a Hanging Man candle, from its history BTC does respects this pattern and has called some major trend reversals in past (you can see 2 examples below)
From all these observations I do believe that BTC is ready to make a correction.
Do let me know if you like this TA, for more information on the indicators I use in my TA you can PM me or check my discord group below.
Happy and safe trading…
Chao…
We all have been enjoying this bull move on BTC and other Alts, in this TA I would like to discuss about whether BTC is ready to reverse. I think most likely, Yes.
Here are my arguments for BTC reversal (I wrote this article bit earlier from the Daily close, so there will be some minor differences);
Confirmed Bearish Div:
As seen from these charts we can clearly see some pretty massive bearish div from Shepherd Indicator on high TFs like 6H, 8H and 10H. We also see similar div on 12H but at the time of writing this TA it is not confirmed.
Elliot moves suggest correction:
From the bottom of 6440, I spotted 5 waves up move in BTC chart (outlined in yellow). To identify any relationship in these waves I plotted Fib extensions (in white), and as you see the wave 5 is a perfect 1.618 extension from wave 1 & 2. So, if this wave count is correct then I think BTC will put top near 8890 zone (the next fib extension 2.618 is at 10150, which is just too far for BTC to reach now).
For reversal I plotted a most likely scenario with ABC corrective sequence (in red), the major points are, A: 8125, B:8500, C:7700. This fits perfectly as final C wave will end on Major Fib Golden Pocket (in golden line).
Pitchfork:
Using waves 1 & 2 from above I then plotted an Original pitch fork, from this pitchfork we can clearly see that BTC has reached the mid line, hence further suggesting a possible reversal coming. This pitchfork will be a very important one for next couple months of BTC PA. So get it on your charts asap.
Reversal Pattern:
As seen from the Daily chart, BTC will most likely create a Hanging Man candle, from its history BTC does respects this pattern and has called some major trend reversals in past (you can see 2 examples below)
From all these observations I do believe that BTC is ready to make a correction.
Do let me know if you like this TA, for more information on the indicators I use in my TA you can PM me or check my discord group below.
Happy and safe trading…
Chao…
