1.) After that falling three methods at occurred on the weekly, I am still leaning a little more towards the side, because those long candles still signal that the bears are still dominating the bulls. On the daily, I am convinced I see more of a because the of the drop (the pole) is much more significant than the occurring after it. In addition, there movements are confined to a small range in which I have marked in blue. The price objective of that places bitcoin somewhere around 5500 which I do believe is much more plausible than 3000 considering how much buy there would be in the high 4000 to 5000 range.
2.) It is also possible that bitcoin is in a symmetrical triangle considering how hard the bulls are wrestling the bears for market dominance, does not validate this as much as the , but it is still a possible situation. If this would to occur, I would expect a movement to the mid 7000 and then another significant drop . However, if this would be the case, then the market direction would be a coin flip and I would give the bears a slight upper hand because they have dominance of the current field. If the symmetrical triangle comes to fruition, then there is a price objective for the and the , 4200 and 9100 respectively. In addition, if this were to occur, I do believe that there could possibly be another falling three methods on the weekly .
3.) I will be posting on the 4 hour as well, because on the , there is a that was just broken and there appears to be a type of topping formation occurring on that time frame as well. In addition, the is showing a divergence, but when a bull run is occurring, as I have mention before, it is possible to see a divergence occur and movements to the upside. But they generally are not good signals, and to me it signals that there is market weakness occurring on the bull run.
Finally, I do think that bitcoin will be holding the rest of the market down until it is ready to make moves on the way up.
Trade Smart, Hedge Risk and make some money.