Welcome!
This is an update on my previous Bitcoin analysis, which you can find here:
Since then not much has changed. Yes, Bitcoin did make another move higher, ultimately reaching 16.5k but the danger signs that the market is likely near a major top are still very much present.
What you see on the indicator below is the curling of the 12H stochs over time. As you can tell a trend line has formed and so far it has been heavily respected, giving you several great entry points along the way.
However, at some point that trend line will inevitably get broken and once it does that´s when I expect the big correction to happen.
Does BTC first move slightly higher, to 16.8k or so, makes a new high and traps fresh longs before cascading to the downside or does this next move happen from the current price point?
I´d say the first scenario is a bit more likely but ultimately...
... time will tell.
This is an update on my previous Bitcoin analysis, which you can find here:
Since then not much has changed. Yes, Bitcoin did make another move higher, ultimately reaching 16.5k but the danger signs that the market is likely near a major top are still very much present.
What you see on the indicator below is the curling of the 12H stochs over time. As you can tell a trend line has formed and so far it has been heavily respected, giving you several great entry points along the way.
However, at some point that trend line will inevitably get broken and once it does that´s when I expect the big correction to happen.
Does BTC first move slightly higher, to 16.8k or so, makes a new high and traps fresh longs before cascading to the downside or does this next move happen from the current price point?
I´d say the first scenario is a bit more likely but ultimately...
... time will tell.
Comment:
This trend line really was the goose that lays the golden eggs. In hindsight, all you had to do was just long each time stochs came down to retest it
With that being said, it looks like it´s finally about to break in the next 24 hours
when it does, expect things to get nasty
With that being said, it looks like it´s finally about to break in the next 24 hours
when it does, expect things to get nasty
Comment:
Trend line got broken and things turned nasty very fast
It seems likely that we get another test higher, maybe to 17.5 or 18k however things are getting increasingly dangerous.
When that trend line breaks, it´s going to get ugly and that´s when I expect a big drop to the downside.