Warning: BTCUSD reversal... is coming! BTCUSD recently had a steady increase in price. But the reversal is here! Today I will explain with Technical Analysis.
As we will see, we already have many bearish factors to watch out. I will give them in lists in order for you to easily digest them.
1. Elliot 5 waves complete
The 5-wave Elliot wave is complete. The trend ends already. This is a bearish warning. Do not buy the top!
2. Effective Divergence Indicator's Dots Divergence!
The EffDi dots are decreasing, contrary to the price increasing. This is an early warning of price reversing.
3. EffDI peak based on Cyclic Lines
The red lines call a pullback/peak. Price recently touched one of the lines, calling a downturn is coming. Advise: Do not buy the top.
4. Bearish Engulfing on resistance 38k
The previous peak, 38k, served as resistance. After hitting resistance, the candlesticks gave a Bearish Engulfing pattern, signaling a reversal.
5. 38k Resistance profit target for many traders
Many traders most likely put a profit target at whole numbers and previous peaks. The 38k area is a common take-profit area. Do not buy now.
This is enough to convince us that a reversal is coming. However, we may need a confirmation. We need price to break MA Channel in order to confirm. This may be our buy signal.
6. IF MA Channel breaks, price may fall to one of our Fibs
IF the MA Channel breaks all hell breaks loose. Likely profit targets may be in the 0.382 Fib or 36k level, and the 0.618 or 34.5k level. After that there may be a bullish comeback.
These are very bearish signals to take account. Do not buy the top, sell the top. Good luck!
Do not forget to like and subscribe for more!
As we will see, we already have many bearish factors to watch out. I will give them in lists in order for you to easily digest them.
1. Elliot 5 waves complete
The 5-wave Elliot wave is complete. The trend ends already. This is a bearish warning. Do not buy the top!
2. Effective Divergence Indicator's Dots Divergence!
The EffDi dots are decreasing, contrary to the price increasing. This is an early warning of price reversing.
3. EffDI peak based on Cyclic Lines
The red lines call a pullback/peak. Price recently touched one of the lines, calling a downturn is coming. Advise: Do not buy the top.
4. Bearish Engulfing on resistance 38k
The previous peak, 38k, served as resistance. After hitting resistance, the candlesticks gave a Bearish Engulfing pattern, signaling a reversal.
5. 38k Resistance profit target for many traders
Many traders most likely put a profit target at whole numbers and previous peaks. The 38k area is a common take-profit area. Do not buy now.
This is enough to convince us that a reversal is coming. However, we may need a confirmation. We need price to break MA Channel in order to confirm. This may be our buy signal.
6. IF MA Channel breaks, price may fall to one of our Fibs
IF the MA Channel breaks all hell breaks loose. Likely profit targets may be in the 0.382 Fib or 36k level, and the 0.618 or 34.5k level. After that there may be a bullish comeback.
These are very bearish signals to take account. Do not buy the top, sell the top. Good luck!
Do not forget to like and subscribe for more!
Comment:
Bitcoin broke the 38k resistance. BECAUSE this is part of making higher highs in the OVERALL bull trend. EffDi divergence
