Following from previous analysis my idea on the big picture for cryptos is still highly bearish. It fell below the flag but a short squeeze has now got BTC travelling back (just!) within it. If the bulls are still there they need to make a push above the 7.7k to have any sort of hope of reaching short term 8.3-8.5k targets.
I think people will jump in FOMO style if it does get to 7.7k and we could see a brief shift upto the 8k levels before finalising our big move down. In my opinion the bottom has not formed , the conviction in bounce from 7.1k is close to nothing. My bigger thinking is for the Consensus which takes place later this year and by then well have some great prices for crpytos to finally kick on. Im out of trades and will watch as a nuetral for now. For me a bullish scenario would only be confirmed by breaks over the 10-11k regions and we are far from that, small push ups dont mean anything, look at the 1d, 1w, or even 4h charts..... it paints a very bearish trend.
With RSI oversold, bullish divergences forming on smaller time frames my expectation is a short term bounce followed by one final deadly crush.
Feedback, constructive critiscism welcome, if you enjoy the idea then share some love! Many thanks
I think people will jump in FOMO style if it does get to 7.7k and we could see a brief shift upto the 8k levels before finalising our big move down. In my opinion the bottom has not formed , the conviction in bounce from 7.1k is close to nothing. My bigger thinking is for the Consensus which takes place later this year and by then well have some great prices for crpytos to finally kick on. Im out of trades and will watch as a nuetral for now. For me a bullish scenario would only be confirmed by breaks over the 10-11k regions and we are far from that, small push ups dont mean anything, look at the 1d, 1w, or even 4h charts..... it paints a very bearish trend.
With RSI oversold, bullish divergences forming on smaller time frames my expectation is a short term bounce followed by one final deadly crush.
Feedback, constructive critiscism welcome, if you enjoy the idea then share some love! Many thanks