Is there a PERFECT STORM on the horizon for BTC??! 🌪🚀
I see too many "coincidences" happening right now".
The narrative.... COVID-19 is the catalyst which has thrown the world into chaos. Everyone is in lockdown, unemployment numbers have soared and huge drops in the market happened across the board during February and March. Bitcoin dropped too, shaking a lot of weak hands out but surprise surprise it's back, just zoom out and look at the monthly close for April. The S&P500 and the FTSE100 could be poised for more downside (more about that below). Oh and the Bitcoin halving is later this month, which if going by the last 2 halving events means it's likely to go up (eventually). Basic economic supply and demand usually dictates the more scarce a resource is, the more valuable it becomes. What I see on the technical side...
BTC - I don't trade BTC, I just buy and hold, but I see price bounced nicely off that long term ascending trendline after spiking just below. Also, that higher time frame descending reversal channel looks to have completed at the same area of confluence. Like I said, I don't trade BTC but I would trade that pattern on a forex pair.
S&P500 - looks to have bounced back to the upside on the HTFs. But on the 4H and 1H I see a clear ascending channel within a larger ascending channel breaking the recent highs correctively, catching people on the wrong side. Now an impulsive leg looks set to kick in, if a bear flag forms moving into next week it would increase that likelihood.
FOOTSIE100 - again looks to have reversed to upside on HTFs but this has been very corrective on lower time frames. See one of my previous posts as to why I was looking short last week. Price broke impulsively up out of the ascending wedge pattern appearing bullish and immediately reversed at the end of last week with bearish momentum on all time frames. Again, this looks set to continue, I'll be looking for a bear flag to go short.
All this right around the time a recession is due every 10 years or so...coincidence?!
The narrative.... COVID-19 is the catalyst which has thrown the world into chaos. Everyone is in lockdown, unemployment numbers have soared and huge drops in the market happened across the board during February and March. Bitcoin dropped too, shaking a lot of weak hands out but surprise surprise it's back, just zoom out and look at the monthly close for April. The S&P500 and the FTSE100 could be poised for more downside (more about that below). Oh and the Bitcoin halving is later this month, which if going by the last 2 halving events means it's likely to go up (eventually). Basic economic supply and demand usually dictates the more scarce a resource is, the more valuable it becomes. What I see on the technical side...
BTC - I don't trade BTC, I just buy and hold, but I see price bounced nicely off that long term ascending trendline after spiking just below. Also, that higher time frame descending reversal channel looks to have completed at the same area of confluence. Like I said, I don't trade BTC but I would trade that pattern on a forex pair.
S&P500 - looks to have bounced back to the upside on the HTFs. But on the 4H and 1H I see a clear ascending channel within a larger ascending channel breaking the recent highs correctively, catching people on the wrong side. Now an impulsive leg looks set to kick in, if a bear flag forms moving into next week it would increase that likelihood.
FOOTSIE100 - again looks to have reversed to upside on HTFs but this has been very corrective on lower time frames. See one of my previous posts as to why I was looking short last week. Price broke impulsively up out of the ascending wedge pattern appearing bullish and immediately reversed at the end of last week with bearish momentum on all time frames. Again, this looks set to continue, I'll be looking for a bear flag to go short.
All this right around the time a recession is due every 10 years or so...coincidence?!