Bitcoin, 1 pump chump bound for correction not sustained pump.
BTCUSD 3D Chart - Currently maintaining its validity inside of the bear flag, Bitcoin may be out of steam regardless of the "risk on" morning Crypto had after the CPI release.
Looking over the past 50+ days we can see Bitcoin has had a pretty consistent 2 up, 2 down timed count with the exception of 1 data point.
Now this is a small sample size but we are in a Bear Market even if the micro trend has been upwards/Bullish.
With that said, its not as likely that Bitcoin will just continue to climb and climb and the odds will favor Bearish moves.
Currently, in the 2nd candle of the upswing with a lower high we could see 2 consecutive down candles.
Upside levels to watch - pivot high at 24.6k or closing above 25.5k for a shot at 28k+
Downside levels to watch - pivot low at 22.4k and the 2017 cycle high of 19.5k.... Keeping in mind anything below roughly 22k becomes outside of the Bear Flag depending on what time frame you are looking at.
Anything lower than 25.5k I remain Bearish on Bitcoin.
Looking over the past 50+ days we can see Bitcoin has had a pretty consistent 2 up, 2 down timed count with the exception of 1 data point.
Now this is a small sample size but we are in a Bear Market even if the micro trend has been upwards/Bullish.
With that said, its not as likely that Bitcoin will just continue to climb and climb and the odds will favor Bearish moves.
Currently, in the 2nd candle of the upswing with a lower high we could see 2 consecutive down candles.
Upside levels to watch - pivot high at 24.6k or closing above 25.5k for a shot at 28k+
Downside levels to watch - pivot low at 22.4k and the 2017 cycle high of 19.5k.... Keeping in mind anything below roughly 22k becomes outside of the Bear Flag depending on what time frame you are looking at.
Anything lower than 25.5k I remain Bearish on Bitcoin.
Adding a few indicators we can see RSI is looking not so good, KDJ flipped read and the SRSI has crossed down. W/ a close below the 80 level on the SRSI it will be considered an official reversal of momentum.
BTC price action is now just outside of the channel/flag which could be an amazing site for Bears. One thing to keep an eye on in these Bear Market rallies is the angle or steepness of the rally. Often, very steep rallies are not sustainable.
Measure of the Bear Flag break down puts the target in the low 13's high 12's which likely makes many salivate.