A ton of confluence in this idea.
Looking at BITCOIN making 1 of 3 choices tomorrow:
1. Pumping up towards $8650 staying up there for the day and maintaining the price level for a day or so as retail FOMO's in, then coming back down to A) previous low to form a double bottom (YELLOW CURVE)
2. Pump up to $8650 quickly to cover the CME gap, then head right back down to continue forming a (possible) double bottom.
3. Dump straight down and continue into forming pt2 of the DOUBLE BOTTOM.
All of these scenarios will eventually lead to a sub $5K low prior to halving.
- Mining difficulty is lowest it has been in 13 years. Historically, this has preceded a NEW LOW.
- a new low is expected to be FORCED by institutional miners (THEORY) to force out smaller operations.
CME FUTURES EXPIRE ON FRIDAY - NEED(should) (TO) CLOSE $8650 GAP*
S&P500 has shown a STRONG correlation to the BTC price. The 4hr S&PChart is currently in a RISING WEDGE (BEARISH REVERSAL PATTERN) that is expected to COMPLETE tomorrow before TRADING CLOSE.
MACD, RSI -Look BULLISH in the 4/6hr TF
GANN FAN S&R showing strong SUPPORT initially into the START OF TRADING TOMORROW.
I expect the BTC price to have a strong pump to the upside when the markets open in the morning, up to AT LEAST $8650. THEN a RETRACE DOWN into forming the top part of the DOUBLE BOTTOM (2ND BOTTOM) STRUCTURE.
WILL ANTICIPATE BREAK UP or DOWN inside of GREEN CIRCLE..
What do you think? Am I missing anything?
Looking at BITCOIN making 1 of 3 choices tomorrow:
1. Pumping up towards $8650 staying up there for the day and maintaining the price level for a day or so as retail FOMO's in, then coming back down to A) previous low to form a double bottom (YELLOW CURVE)
2. Pump up to $8650 quickly to cover the CME gap, then head right back down to continue forming a (possible) double bottom.
3. Dump straight down and continue into forming pt2 of the DOUBLE BOTTOM.
All of these scenarios will eventually lead to a sub $5K low prior to halving.
- Mining difficulty is lowest it has been in 13 years. Historically, this has preceded a NEW LOW.
- a new low is expected to be FORCED by institutional miners (THEORY) to force out smaller operations.
CME FUTURES EXPIRE ON FRIDAY - NEED(should) (TO) CLOSE $8650 GAP*
S&P500 has shown a STRONG correlation to the BTC price. The 4hr S&PChart is currently in a RISING WEDGE (BEARISH REVERSAL PATTERN) that is expected to COMPLETE tomorrow before TRADING CLOSE.
MACD, RSI -Look BULLISH in the 4/6hr TF
GANN FAN S&R showing strong SUPPORT initially into the START OF TRADING TOMORROW.
I expect the BTC price to have a strong pump to the upside when the markets open in the morning, up to AT LEAST $8650. THEN a RETRACE DOWN into forming the top part of the DOUBLE BOTTOM (2ND BOTTOM) STRUCTURE.
WILL ANTICIPATE BREAK UP or DOWN inside of GREEN CIRCLE..
What do you think? Am I missing anything?
Comment:
Forgot to add: Totally possible we get a big move tonight. BTC is currently staring at a HEAD AND SHOULDERS BEARISH pattern. Which could take us a bit lower.