Bitcoin has revealed itself to us. We are now in the wave 2 corrective impulse. We may go as high as 50k.
This was a sneaky turning point which could not easily be interpreted on the lower time-frames. The slightly bullish-engulfing 4hr candle and the hourly RSI divergence were about the only clues. I guess I could have calculated this based on the start point and probable end point that I've been anticipating. If btc had gone slightly lower to $39,020 weekly support and bounced from there my radar might have picked this up quicker. As it was I was planning on closing short and flipping long at $36,600 after the break of the last uptrend line, but that wasn't in the cards. Maybe a bounce from this level makes more sense as it will rope in more longs and keep the bullish narrative alive longer.
If you missed the move up you can long at 43.1k which we are about to fall to, or you can wait for a retest of 42.2k which may or may not occur.
Keep in mind this is only an idea which may or may not turn out to be correct.
Purple lines - Monthly structures
Red lines - Weekly structures
Blue lines - Daily structures
Green thick lines - Giant descending triangle
Black thick lines - Descending bull flag
Red thick lines - Potential bottom/top swing zones depending which way we go first
This was a sneaky turning point which could not easily be interpreted on the lower time-frames. The slightly bullish-engulfing 4hr candle and the hourly RSI divergence were about the only clues. I guess I could have calculated this based on the start point and probable end point that I've been anticipating. If btc had gone slightly lower to $39,020 weekly support and bounced from there my radar might have picked this up quicker. As it was I was planning on closing short and flipping long at $36,600 after the break of the last uptrend line, but that wasn't in the cards. Maybe a bounce from this level makes more sense as it will rope in more longs and keep the bullish narrative alive longer.
If you missed the move up you can long at 43.1k which we are about to fall to, or you can wait for a retest of 42.2k which may or may not occur.
Keep in mind this is only an idea which may or may not turn out to be correct.
Purple lines - Monthly structures
Red lines - Weekly structures
Blue lines - Daily structures
Green thick lines - Giant descending triangle
Black thick lines - Descending bull flag
Red thick lines - Potential bottom/top swing zones depending which way we go first