Hey guys. I hope everyone is doing well. I'm sorry, I'm going to keep this one rather short, but instead of just posting it to Twitter as a quick update, I wanted to post it for everyone on TradingView as well. I know It's the weekend and on the weekend BTC USUALLY goes sideways. I personally see a drop coming potentially back down to the 36.5K - 37.5K area before LIKELY going back up. We still may go sideways throughout the weekend and this drop could happen early next week. It could also happen this weekend, creating a CME gap and honestly that would be better than it dropping early next week. It may not even happen at all BUT PERSONALLY, I believe there's a better chance that it does happen AS OF NOW.
ALSO I'd like to note that WE CAN go just a bit higher before this plays out, say up to 43K
On the Hourly chart you can see BTC is overbought on the RSI and we see 2 wicks so far. Potential for 1 more wick and a drop is very much there. If the situation turns into a stronger looking bull flag, I will update this IDEA as soon as I can.
BTC is overbought even up to the 4HR timeframes and a pullback from here to the 0.5-0.382 levels on the chart I think is somewhat of a likely possibility. It would create a bullish "W" pattern that is usually seen during these times in the market right before BTC starts moving up higher.
See chart for details.
Once again, sorry for keeping this short BUT I WILL keep updating this IDEA as necessary and as I can of course. I hope everyone is doing well and if you guys have been watching my analysis's lately especially the BTC "WOLFE WAVES" analysis then you should be. Ill leave links below to other important analysis's that are still relevant to the current market situation.
*** as always this IS NOT financila advice. This is just an IDEA based off of my research and data. I always recommend doing your own research before investing in anything.***
PLEASE LIKE, SHARE, and COMMENT It helps me out a lot and encourages me to keep going. I'd love to hear your opinions on what you think of this analysis and your thoughts. I have an open mind and listen to everyone. You're all appreciated. Thank you.
I WILL UPDATE and fulfill this chart with more data later on. Ill be back then.
ALSO I'd like to note that WE CAN go just a bit higher before this plays out, say up to 43K
On the Hourly chart you can see BTC is overbought on the RSI and we see 2 wicks so far. Potential for 1 more wick and a drop is very much there. If the situation turns into a stronger looking bull flag, I will update this IDEA as soon as I can.
BTC is overbought even up to the 4HR timeframes and a pullback from here to the 0.5-0.382 levels on the chart I think is somewhat of a likely possibility. It would create a bullish "W" pattern that is usually seen during these times in the market right before BTC starts moving up higher.
See chart for details.
Once again, sorry for keeping this short BUT I WILL keep updating this IDEA as necessary and as I can of course. I hope everyone is doing well and if you guys have been watching my analysis's lately especially the BTC "WOLFE WAVES" analysis then you should be. Ill leave links below to other important analysis's that are still relevant to the current market situation.
*** as always this IS NOT financila advice. This is just an IDEA based off of my research and data. I always recommend doing your own research before investing in anything.***
PLEASE LIKE, SHARE, and COMMENT It helps me out a lot and encourages me to keep going. I'd love to hear your opinions on what you think of this analysis and your thoughts. I have an open mind and listen to everyone. You're all appreciated. Thank you.
I WILL UPDATE and fulfill this chart with more data later on. Ill be back then.
Comment:
So this drop did end up happening, It just took longer than I thought it would. There were some bull traps on the way as I predicted. They even messed me up LOL.
So here we are, 38K. Do we bounce and make a bullish W pattern or fall lower?
So here we are, 38K. Do we bounce and make a bullish W pattern or fall lower?
If the current 4HR candle closes (1.5 hours from now) below $43,875, then likely we will see at least a small pullback BUT I DONT THINK it will be as low as I originally predicted on this chart. BTC bulls are looking STRONG right now HOWEVER I still feel that bears have one more push left. We'll see either way. I'll probably make a new chart soon with adjusted targets and possibly a whole different idea. You cant get them all right but in this situation I DONT MIND BTC heading higher as I bought near 34K