Quick note, I think being on the bottom of the median line of the Schiff pitchfork is one of the worst places to be bullish, unless good support was just found. Also you can check my idea "How I analyze the market in 20 minutes" video if you want a better understanding of how I use APPL to gauge what direction BTC will take and sometimes vice versa.
I'm still bearish until:
1) I see a good open for APPL and the price of APPL is back within the Day Hull averages on Tuesday.
2) BTC can make some moves above 39.5 (Median of the week timeframe).
I was hoping the start of this week/end of last week would have BTC on the topside of 39.5k, not the bottom side.
From a candle movement perspective, I see no real reason to buy BTC past 41.7k-42.7k on this week candle. And even buying it to that spot makes no sense to me unless BTC can push above 39.5 and hold.
On the month timeframe BTC has yet to touch the bottom of the blue channel (.25 retracement), but since the top of the candle base on the last month was reached and rejected, it feels odd to make the argument that it will hold.
I think 30-31k looks like a decent place to try and find support, though if the stock market is bearish when BTC reaches that area or somehow overly bullish on Tuesdays open, I will adjust the target. 30-31k is the .5 extension on the week and month timeframe respectively.
3 Levels, each looks worse as it pushes down (to me anyway)
39.5k Week Median line
38,988 Week 375 hull
38,036 Month Median line
I'm still bearish until:
1) I see a good open for APPL and the price of APPL is back within the Day Hull averages on Tuesday.
2) BTC can make some moves above 39.5 (Median of the week timeframe).
I was hoping the start of this week/end of last week would have BTC on the topside of 39.5k, not the bottom side.
From a candle movement perspective, I see no real reason to buy BTC past 41.7k-42.7k on this week candle. And even buying it to that spot makes no sense to me unless BTC can push above 39.5 and hold.
On the month timeframe BTC has yet to touch the bottom of the blue channel (.25 retracement), but since the top of the candle base on the last month was reached and rejected, it feels odd to make the argument that it will hold.
I think 30-31k looks like a decent place to try and find support, though if the stock market is bearish when BTC reaches that area or somehow overly bullish on Tuesdays open, I will adjust the target. 30-31k is the .5 extension on the week and month timeframe respectively.
3 Levels, each looks worse as it pushes down (to me anyway)
39.5k Week Median line
38,988 Week 375 hull
38,036 Month Median line
