BTC 4h has been in a BULL deep crab harmonic pattern since it's recent low. Typically, these deep crabs will hit pt1 and then do a 1.0-1.272 retracement, forming the first "claw" or "cup" before shooting upward, hence the "deep" part of the crab.
BTC's price is currently at pt1, hitting strong wedge resistance, and looks very likely to begin forming the deep cup now, with a strong retracement. 1.272 is 17663 level... so a retracement just below that is likely (or a true "double bottom"? ),
then the price should reverse strong bullish, liquidating shorts expected at that previous low and launching the price higher. Let's see if this is the whale's game...
BTC's price is currently at pt1, hitting strong wedge resistance, and looks very likely to begin forming the deep cup now, with a strong retracement. 1.272 is 17663 level... so a retracement just below that is likely (or a true "double bottom"? ),
then the price should reverse strong bullish, liquidating shorts expected at that previous low and launching the price higher. Let's see if this is the whale's game...
Comment:
(see subsequent post with more details on the 4h bull crab)
All BTC 6h indicators I use are currently in *overbought* levels. Phoenix Uprising you can see in the chart, but also GodMode, VCM, Stoch Momentum, Stoch VX3, Divergence Indicator, Wave Trends...This is a pretty good indication that price will be going down over the next day or two, and fighting against that wedge resistance, but I do expect it to remain macro bullish. The key question is how deep the crab will go... It CAN go below the previous low and still be continuing in the bullish 1W AntiButterfly.