Hi All,
After the latest moves, it is evident to me that we will not go above 10.5K in this run.
If anything, there are some concerning indications about BTC strength in this downward trend.
Why, at the macro level, we did not get a higher high, to do so, we have to break the 10.5K.
Hence we have been kept in check with this 3 year top trend line. Before I used the wicks but it seems the body of the weekly candles have defined the price action.
As they say, the wicks tell you the story but the body of the candles tell you the facts.
Note how the RSI has confluence with the price action and suggested formation with the trend lines
Where from here?
At the macro level, I have it bearish, for the remaining moves just like the overall market capital chart formation as well.
I have it either testing the bottom trend line again (high 7ks, 7800) and\or 8200 level.
On the micro level, we are playing out a H and S structure, as per the chart below. Hitting resistance and the major fib. levels having a role in the price action.
Overall Market cap chart: Note the monthly reversal candles over the 3 years, and this month, we have a few days for this month.
BTC micro charts
Please don't forget to give me a tick\like, as I would appreciate it.
Regards,
S.Sari
(for my reference > btc.v chart)
After the latest moves, it is evident to me that we will not go above 10.5K in this run.
If anything, there are some concerning indications about BTC strength in this downward trend.
Why, at the macro level, we did not get a higher high, to do so, we have to break the 10.5K.
Hence we have been kept in check with this 3 year top trend line. Before I used the wicks but it seems the body of the weekly candles have defined the price action.
As they say, the wicks tell you the story but the body of the candles tell you the facts.
Note how the RSI has confluence with the price action and suggested formation with the trend lines
Where from here?
At the macro level, I have it bearish, for the remaining moves just like the overall market capital chart formation as well.
I have it either testing the bottom trend line again (high 7ks, 7800) and\or 8200 level.
On the micro level, we are playing out a H and S structure, as per the chart below. Hitting resistance and the major fib. levels having a role in the price action.
Overall Market cap chart: Note the monthly reversal candles over the 3 years, and this month, we have a few days for this month.
BTC micro charts
Please don't forget to give me a tick\like, as I would appreciate it.
Regards,
S.Sari
(for my reference > btc.v chart)
Comment:
Comment:
My updated MACRO chart, with inv. H and S, with a longer flatter right shoulder
Comment:
The updated mega structure
Order cancelled:
Still a bullish pattern
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This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
In order to pass this, I foresee we will spend a lot of time below this level but above the bottom macro trend line for a couple of months....boring stage.
All good for the ground work for the major bull run start.