BTC went for the 11.7K for the second time and got denied killing the Waves pattern from the chart before this one.
The makes the pattern a potential but there is still hope for BTC . The most important indication from BTC breaking down at the 11.7K attempt 2 was the enormous
divergence. Watch the during the coming moves up or down.
I marked the levels I am watching, for BTC .
Why is the "bull gate" so important?
that price level was where BTC originally flirted with the MA and broke down in to the down trend opportunity, at the 11.7K run up from the 6K bottom the price got denied twice at that exact same level again.
the door for a long term down trend has been opened when we broke that MA and went to 6K. Not being able to break that level with multiple attempts is what worries me for the long term of BTC , from a trader perspective not a investors perspective.
I am watching BTC to make a higher low, preferable above 8.4K but the max that is to be technically accepted is 6K>.
-Down trend door got opened at that price level.
-Multiple attends to break that level failed.
-Down trend confirmed by reactive EMA's cross overs.
-Ichimoku still confirming resistance/ down trend.
-Bullish signals are scarce.
I am ending the write up here, you can find the rest of my thoughts in the groups where I am active.
All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock/cryptocurrency picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. These are not facts but my personal views and opinions.
I will not and cannot be held liable for any actions you take as a result of anything you read here.
Showing the importance of the current movement on the shorter time frame.
Right now btc is moving sideways and hugging the Tenkan-sen ( conversion line ichimoku) plus the (E)MA's are indicating we are in a moment of trend forming, which is sideways for now on the smaller timeframes (4h/1h).
new bearish chart if we break 6K!
nice catch though!
if it breaks this chart/possible scenario we are up for some more trouble!