Some speculation here for the bears, even though it is unlikely to pan out from the recent Stoch RSI Cross on the monthly.
If ~57.4k gets a correction that may signal control for bears to a path back to retest the 2017 high (its already been retested if you look at the BTCUSD/DXY chart). Currently, it is sitting on a demand vector, c -wave target, and an upper polynomial forecast line of an input of 144 days, which makes me a bit worried about continued resistance that may soon play out toward another correction.
I'm uncertain on this playing out atm, but I could see a correction at the global ath, and it being misinterpreted as a double top scenario, with a retest at 53k, and then price discovery to either 80k in the short term or 180k in the long term. Also, the momentum is stronger on the primary wave A on Sep. 7 than the recent c wave, which explains why divergence indicators haven't ran any alarm bells.
Entering in a short here is very risky as we could very easily blast to the 2.618 at 80k+, or even the orange forecast target at 73k.
This is a scenario that I haven't covered in one of my previous ideas so that I'd share it out.
If ~57.4k gets a correction that may signal control for bears to a path back to retest the 2017 high (its already been retested if you look at the BTCUSD/DXY chart). Currently, it is sitting on a demand vector, c -wave target, and an upper polynomial forecast line of an input of 144 days, which makes me a bit worried about continued resistance that may soon play out toward another correction.
I'm uncertain on this playing out atm, but I could see a correction at the global ath, and it being misinterpreted as a double top scenario, with a retest at 53k, and then price discovery to either 80k in the short term or 180k in the long term. Also, the momentum is stronger on the primary wave A on Sep. 7 than the recent c wave, which explains why divergence indicators haven't ran any alarm bells.
Entering in a short here is very risky as we could very easily blast to the 2.618 at 80k+, or even the orange forecast target at 73k.
This is a scenario that I haven't covered in one of my previous ideas so that I'd share it out.
Comment:
If you also do a trend fib extension from the cycle A wave at 29.3k to the primary a and then the primary b wave, you'll notice we're right on the 0.618 extension target.
Comment:
Sorry I meant the BTCUSD/M2 chart regarding the retest of the 2017 ath
