DUMP Incoming?
☝🏻 For the last 3 days, Bitcoin has taken a side-ways structure in which volatility and volume is falling again. Gradually, the price is pushing towards the accelerated trendline of all this impulse growth, and so we will soon look again at the next impulse movement. I will follow the price action in the area of the trendline and in the case of the bearish situation I will follow the short positions, but for several reasons the creation of another high fit more into my concept.
👍🏻 The first of them is a fractal structure, which is very visibly similar to the side-ways structure in the last such movement, and it was followed by an impulse breakout towards the UP. It is very likely that Bitcoin will repeat this, although the reaction may no longer be so strong and impulse. The second is the traditional fractal on Bitcoin chart - pump-> sideways -> pump-> sideways-> pump and subsequent dump at least to the zone of the higher accumulation zone, often up to the first.
✌🏻 In addition, Bitcoin is very close to a strong fibonacci level of 0.786 fibo retracement of the whole correction trend, and this is often the target after the end of the opposite cyclic movement. There would be many reasons to expect rejection and the possibility of a more developed correction. Since Bitcoin's sentiment and fundamental are quite broken and BTC ETF approval may surface every day, I will not open a short limit positions in this zone, but I will wait for a visible rejection and the creation of a wick candle from above on the 2H-4H TF.
1H chart:
☝🏻 For the last 3 days, Bitcoin has taken a side-ways structure in which volatility and volume is falling again. Gradually, the price is pushing towards the accelerated trendline of all this impulse growth, and so we will soon look again at the next impulse movement. I will follow the price action in the area of the trendline and in the case of the bearish situation I will follow the short positions, but for several reasons the creation of another high fit more into my concept.
👍🏻 The first of them is a fractal structure, which is very visibly similar to the side-ways structure in the last such movement, and it was followed by an impulse breakout towards the UP. It is very likely that Bitcoin will repeat this, although the reaction may no longer be so strong and impulse. The second is the traditional fractal on Bitcoin chart - pump-> sideways -> pump-> sideways-> pump and subsequent dump at least to the zone of the higher accumulation zone, often up to the first.
✌🏻 In addition, Bitcoin is very close to a strong fibonacci level of 0.786 fibo retracement of the whole correction trend, and this is often the target after the end of the opposite cyclic movement. There would be many reasons to expect rejection and the possibility of a more developed correction. Since Bitcoin's sentiment and fundamental are quite broken and BTC ETF approval may surface every day, I will not open a short limit positions in this zone, but I will wait for a visible rejection and the creation of a wick candle from above on the 2H-4H TF.
1H chart: