I still believe that we are bearish medium & long term, and that won't change unless we go down to a level that can create meaningful divergences.
I started to see a pattern with Bitcoin PA that aligns with a curved pattern. When charting it out, it actually makes sense and coincides with my fractal that I previously published.
What do you guys think?
If you found this interesting, please be sure to hit the like button.
Thanks for taking the time to read this idea.
This is definitely not financial advice.
I started to see a pattern with Bitcoin PA that aligns with a curved pattern. When charting it out, it actually makes sense and coincides with my fractal that I previously published.
What do you guys think?
If you found this interesting, please be sure to hit the like button.
Thanks for taking the time to read this idea.
This is definitely not financial advice.
Comment:
I did it again, I keep speaking with absolutes. Yes, I am bearish and hoping for bullish divergences prior to the bull run. But a daily close above 7.8k will start to change my mind. And further extension to fill that CME gap will change my mind.
Comment:
For the time being, I still haven't ruled out this idea. I still think it is a bull trap. Maybe some of the boxes were off but that doesn't mean the overall picture is wrong.
Some of the things I am seeing to support this idea:
First of all the overall structure of the chart looks bearish. It looks like it wants to come down.
Second, daily 55EMA is acting as a resistance. We popped above it a few times but ultimately gets pushed down.
Third, for the bigger picture, I posted previously the idee of a fractal and here is more evidence supporting it.
If you look at the previous uptrend, it retraces to support levels all along the way. Until it doesn't anymore. This happened around Feb 17th around the 50% fib level.
The same thing happened on this uptrend and my feeling we are at the peak and just about ready to see a big dump. It has broken below the support level and struggling at the 50% fib level again, in addition to the 55EMA previously mentioned.
I don't think this idea is invalidated until we break above the previous high (around 7.5k). On the contrary, if we see a big dump in the coming hours up to a day or so, then I will feel much stronger about this idea playing out until the end.
Some of the things I am seeing to support this idea:
First of all the overall structure of the chart looks bearish. It looks like it wants to come down.
Second, daily 55EMA is acting as a resistance. We popped above it a few times but ultimately gets pushed down.
Third, for the bigger picture, I posted previously the idee of a fractal and here is more evidence supporting it.
If you look at the previous uptrend, it retraces to support levels all along the way. Until it doesn't anymore. This happened around Feb 17th around the 50% fib level.
The same thing happened on this uptrend and my feeling we are at the peak and just about ready to see a big dump. It has broken below the support level and struggling at the 50% fib level again, in addition to the 55EMA previously mentioned.
I don't think this idea is invalidated until we break above the previous high (around 7.5k). On the contrary, if we see a big dump in the coming hours up to a day or so, then I will feel much stronger about this idea playing out until the end.
Comment:
On the edge of the rainbow.
Comment:
On the edge of the rainbow. I may need to remove one of the boxes after the next dump, assuming the price dumps soon.
NQ Trader
