Consolidated in a symmetrical triangle with a breakout. This is the 4th attempt to beat RSI resistance while DIVERGING. Serious, SERIOUS volume needs to come in to displace divergence on higher TF's. We could go up here but all higher time frames are absolutely MAXED. We are close IMO to a major short entry. Be careful here. This looks like it COULD be one of those disastrous 'H' shaped drops.
Daily closed inside 2 prior wicks. That means over the period of 3 days Bitcoin has tried to get above the current high and failed. 3 days. This thing could come DOWN. That said, I've been wrong on every 'top' so far so "This time it's different"? LUL.
Only posted this to look at it later.
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Notice the volumes. Sell volume increasing while buy volume is diminishing.
Serious volume and price raise needs to happen here or we're going down hard.
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dumpy dumpy
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Something I really wonder about this screenshot in particular.
3 significant lower highs in strength. For over a month. A MONTH. You mean to tell me, that in a MONTH we can't beat prior RSI strength? The last rise where we hit ~11.3k ish was literally nothing but green candles. Why couldn't we blast past the ONE RSI resistance that we need to beat so we aren't diverging on this time frame?
Build it up, just to tear it down. Get ready, cause it's coming... In 3....
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You're buying their bags from 3k and have been. loool. 3rd time's the charm.
Be prepared for a new high. Only this time, if it does indeed hit a new high, also be prepared to watch your long close significantly under the stop you have. :-) 2....
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"We're building it up To break it back down We're building it up To burn it down We can't wait To burn it to the ground" 2.....
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eeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee
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sir Chaikin Money Flow is not a happy man
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yeet
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My favorite alt is about to hit some serious support. :-)
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11.4k/11.6k Absolute highest I see us going, at least for now. This will be a very quick pump to liquidate shorts. That'll be your short entry.
@Jocoin, I see a fractal in there. That little rise where you have your hidden bullish.
I've seen this end badly before. Not saying we'll drop, just saying there's a chance that if we do it will catch a lot of people off guard and be violent. Very violent.
Jocoin
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@mc_peewee, Sure you absolutely right, I have seen same thing happens a lot but i am only using 1 and 4 hr chart signals just to follow up with my original idea based on coin behavior on 2d time frame on which we got strong hidden bullish div spotted perfectly from 7900
I also believe when 1hr and 4hr chart shows bullish on rsi and macd as well all together only then i will take it as trusted signal
You are welcome to see original idea:
deactivatedaccount123
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@Jocoin, 4H
Third high, and 2nd lower high in RSI.
MACD is corroborating this. This is coming down.
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@mc_peewee, Sorry MACD was a bit stretched.
Lower TF vol all shows significant sell volume with weak buy volume.
If this goes up from here without at least correcting a bit I'd be very surprised.
Considering we broke out of a symmetrical triangle though, there will be a lot of stops just below the triangle support.
This would be a perfect liquidity grab. Textbook even.
Jocoin
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@mc_peewee, I respect your point of view but i will not argue since you believe in volume leading the price not price loading volume!! there is nothing control the coin behavior and movements
Can you tell me what do u see on rsi and macd if you look at 1hr and 4hr chart line close not candles ? my view is wicks on small timeframs always mislead people reading whats really going on
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@Jocoin, It's the candles, along with divergence in the RSI and prior behavior of Bitcoin, but especially the divergences. This is now the 3rd higher candle close on diverging strength in the RSI on the 4h.
Anyone smart is building a very large low leverage short position IMO.
Lord knows the whales in this market absolutely love to last minute influx huge amounts of volume and it wouldn't surprise me to see that honestly.
The thing is, we have had MONTHS in a row to beat prior indicator resistances and we haven't. You mean to tell me that on the absolute highest derivative volume to ever be seen on Mex we can't break the wave 3 divergence? This is wave 5 and people are going to be very surprised. That's why. :-)
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@Jocoin, let's ignore some wicks hey? just for fun :-)
I don't count wicks. I don't count candles.
I count reactions and base my trendlines off of them.
Volume profile matches a bearish ascending wedge rather well.
We may hit a new high. I expect that will be the last before a *real* influx of volume.
Both the new highs got sold into by smart money.
They're literally cashing out into your FOMO.
Build it up just to tear it back down ;)
Jocoin
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@mc_peewee, i will not argue since you believe in volume leading the price not price leading volume!! there is nothing control the coin behavior and movements
Since that being said before you should either read my idea and understand my reasons for such analysis before you keep replying or its better to wait few days or few weeks and you will realize it the real fomo that you missed!
Explaining my view will take days with someone only believe in volume nothing else
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@Jocoin, @Jocoin, Again, it's not volume.
Divergence in the RSI. Daily closed as a hammer with almost no top shadow but has heavy lower shadow.
Candle closes on lower time frames are showing reversal signs.
Chaikin money flow is showing we are very near distribution levels.
Weekly also closed with divergence.
You may be right. I am expecting to be wrong here, I really am. I've been wrong on 'the top' for quite some time now.
Time. Time is the biggest factor here. Why have we had so much time to bring indicators to non divergence levels, yet we can't?
Why do we have many many green candles in a row only to be swatted down by the time they get super close to invalidating divergences?
We have had many, many, many opportunities of with a LOT of time behind them to establish a TRUE bullish narrative.
Yet...we haven't.
This is gonna be ugly. I'd say I'm going to miss out on a new ATH, and I've been considering that I probably will, but that's okay.
As much as I love Bitcoin, it's not worth $20,000 right now. Especially not higher.
I have taken into account MANY different analysis. That said, I'm not going to allow doubt to interfere with what I believe to be a massive B wave.
If I start buying here, I'm taking risk of losing at minimum 50% of what I invest.
I'll wait for the next bottom. We'll have plenty of new ones coming up by the end of next year. Probably far earlier :)
Halving hype is so overrated in a market that now has futures. LUL