bitcoin is starting to display a loss of momentum up here.
it has also printed a very clean 4h hidden bearish divergence:
⏬
this tells me there's a reversal which is imminent in the near term.
bitcoin did come up in 5 waves though, which is generally the beginning or an end to something. in this case, it is the beginning of something as it came right off the lows.
⏬
the bulls want to see something along these lines:
⏬
but i'm looking for more complexity, as displayed in my last post:
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it is also still somewhat possible that this mean retracement which bitcoin is currently working on is a connector leg for a larger move down which is yet to come (to 13k),
displayed in this post right here:
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the strategy is simple this week,
watch what the rejection looks like from the local golden zone at about 22.5k.
>if the rejection takes out the lows at 18.4k, entertain the last two ideas which i shared above.
>if the rejection is controlled (doesn't take out the lows), and it comes down in a clean 3 wave move, then we might be in for a bullish treat over the next few months.
---
as always, be very cautious over the next few weeks - as there's quite a few different paths which bitcoin can take.
it has also printed a very clean 4h hidden bearish divergence:
⏬
this tells me there's a reversal which is imminent in the near term.
bitcoin did come up in 5 waves though, which is generally the beginning or an end to something. in this case, it is the beginning of something as it came right off the lows.
⏬
the bulls want to see something along these lines:
⏬
but i'm looking for more complexity, as displayed in my last post:
---
it is also still somewhat possible that this mean retracement which bitcoin is currently working on is a connector leg for a larger move down which is yet to come (to 13k),
displayed in this post right here:
---
the strategy is simple this week,
watch what the rejection looks like from the local golden zone at about 22.5k.
>if the rejection takes out the lows at 18.4k, entertain the last two ideas which i shared above.
>if the rejection is controlled (doesn't take out the lows), and it comes down in a clean 3 wave move, then we might be in for a bullish treat over the next few months.
---
as always, be very cautious over the next few weeks - as there's quite a few different paths which bitcoin can take.
bitcorn is still a mystery for now