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myleztone
May 31, 2021 1:56 AM

BTC may drop now to the bottom of the golden pocket and beyond Short

Bitcoin / TetherUSBinance

Description

The type of dip (descending arch) we are seeing on the hourly often has a sharp fall to follow. If we look at the last descending arch it was the last time there was a major dip. Following that we can estimate where it might fall to and take out a long position. For now it's a short.

The first drop might bounce from the bottom of the golden pocket, which is also the weekly S2 and the bottom of the forming triangle, providing us with some confluence. A bounce to the upside would probably see it reflect off the top of the golden pocket / weekly S1 and make its way forther down to find support again at around the 29k mark.
Comments
myleztone
The white markers (1,2) are just showing the stages of the decline, not referencing anything on the chart where they are placed
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