We just saw a bump and run reversal top.
Looks like text book material.
thepatternsite.com/barrt.html
1. BTC
Volume profile is showing where previous price action will act as support.
Also Fibonacci levels 0.5 ~30800$ and 0.618 ~37500$ line up with volume profile and price action.
On the low time frames we are at critical support level at ~46400. We did make a lower low. A bounce here that makes a lower high is a continuation signal.
2. S&P500
We are starting to see positive correlation with S&P500. Fractal matches amazingly well. Volume suggests that we are seeing a sell off. We are leaving the "buy the dip territory".
I don't expect to see the drop as violent as in March 2020 but it does look pretty bad.
3. DXY
DXY breakout is confirmed and pumping. I expect it to go to around Fibonacci levels 0.5 ~96.7 0.618 ~97.8.
Until then any bounce is a short opportunity.
4. Alt coins
Expectations on alt coins is worse then BTC.
I believe that everybody will sell them into BTC ETH pairs and people will cash out. BTC.D will go up and we are at critical support.
5. Invalidation
Making any higher lows and higher highs on daily would invalidate this.
Looks like text book material.
thepatternsite.com/barrt.html
1. BTC
Volume profile is showing where previous price action will act as support.
Also Fibonacci levels 0.5 ~30800$ and 0.618 ~37500$ line up with volume profile and price action.
On the low time frames we are at critical support level at ~46400. We did make a lower low. A bounce here that makes a lower high is a continuation signal.
2. S&P500
We are starting to see positive correlation with S&P500. Fractal matches amazingly well. Volume suggests that we are seeing a sell off. We are leaving the "buy the dip territory".
I don't expect to see the drop as violent as in March 2020 but it does look pretty bad.
3. DXY
DXY breakout is confirmed and pumping. I expect it to go to around Fibonacci levels 0.5 ~96.7 0.618 ~97.8.
Until then any bounce is a short opportunity.
4. Alt coins
Expectations on alt coins is worse then BTC.
I believe that everybody will sell them into BTC ETH pairs and people will cash out. BTC.D will go up and we are at critical support.
5. Invalidation
Making any higher lows and higher highs on daily would invalidate this.
Trade active:
Making a higher high would be bullish
Making a higher high would be bullish