In this idea, possible scenarios will be analyzed with an explanation utilizing fundamental and technical analysis .
Triangle Wave ABCDE is a bearish triangle pattern on the longterm time frame. Higher highs and lower lows are being observed.
A fib retracement set from the 1D close of bitcoins high in October to the low in january, we saw a rejection of the 0.618 level (golden pocket) on the last HH.
To complete the Triangle wave, wave E would have to hit the HH trendline, which aligns with the 0.5 fib level at 51K.
BTC must break the supply zone at 41.4K, then proceed to break the Kumo cloud to validate wave E. Rejection from the supply zone is a possibility.
BTC is at the bottom of the fib fan, testing the HL channel support.
We are at the crossroads, the fed interest hike is next week. Stock indexes completed wave 2 correction and broke through the previous low. Bearish Bias
Bulls aim to break 41.4k, then 42.8k.
Bears aim to break current support at 37.5k, then 36.4k.
Personally feeling high on hopium, expecting alt season next month followed by a major dump. DXY and USDT.D have potential for a major correctiom. If the stock market can't handle the fed interest hike it's time to start opening shorts and puts.
Good luck friends, enjoy.
Triangle Wave ABCDE is a bearish triangle pattern on the longterm time frame. Higher highs and lower lows are being observed.
A fib retracement set from the 1D close of bitcoins high in October to the low in january, we saw a rejection of the 0.618 level (golden pocket) on the last HH.
To complete the Triangle wave, wave E would have to hit the HH trendline, which aligns with the 0.5 fib level at 51K.
BTC must break the supply zone at 41.4K, then proceed to break the Kumo cloud to validate wave E. Rejection from the supply zone is a possibility.
BTC is at the bottom of the fib fan, testing the HL channel support.
We are at the crossroads, the fed interest hike is next week. Stock indexes completed wave 2 correction and broke through the previous low. Bearish Bias
Bulls aim to break 41.4k, then 42.8k.
Bears aim to break current support at 37.5k, then 36.4k.
Personally feeling high on hopium, expecting alt season next month followed by a major dump. DXY and USDT.D have potential for a major correctiom. If the stock market can't handle the fed interest hike it's time to start opening shorts and puts.
Good luck friends, enjoy.