It seems BTC is following an ABC correction similar to the crash after 20k. Lets see if it plays out
Comment:
fakeout to bullish side, now back in the triangle and rejected at the top. possible wave count brings us to 12k
fakeout to bullish side, now back in the triangle and rejected at the top. possible wave count brings us to 12k
Skinny red lines are short term trend lines im using to guide movement.
Solid Red line is the triangle drawn using the 4H time frame.
dotted white line is a potential top of triangle using the 1-3d timeframe
Thick white dash lines are triangle using the weekly time frame
skinny dashed white line is downward channel from 58k
Idea:
Looks like the 31k crop brought us to the bottom of the 1week triangle, a bear trap fakeout from our 4H triangle similar to the bull trap previously. We now had a run that brought us to the top of our 4H triangle which also lined up with the down trend channel from 58k. I am expecting the skinny red dotted trend line to be a potential trajectory down to retest the weekly (large white dashed) triangle line. A bullish break is still possible to reach the top of the weekly triangle but I think the wick to 37k might be the top, I am short from 36650 after taking profits at 31.5k previously