Measured move of the falling wedge brings us close to 37,000. An engulfing candle at the supply line of this theoritical falling wedge is a nice validation/start for the idea. I still am skeptical and looking at a Bearish Gartley into the congestion zone (between 38.4k-39.6k) however if we don't react violently and it fails that opens up possibility for bearish crab harmonic with 48k target.
Target 1 is the congestion zone just under 40k, target 2 if we survive that area is 48k.
Still hesitant and I don't think we are done with our consolidation down at these levels. If we go up too quickly I will be very cautious for a final trap before continuing the bear trend. The longer we consolidate around these levels, the better things could look for bulls.
At the same time a weekly view of BTC does look pretty blown off top and we are below the 21 MOVING AVERAGE on the weekly and we touched the 55/50 Moving Average (on the weekly) which usually historically has been a signal to an end of the bullrun. The classic trap is to come down touch the 50/55 MA then come up and touch the 21 MA/trap before continuing downward. See 2017 for a good example of this.
That being said.. regardless if you are bearish or bullish, there is a good opportunity for a bounce here if this falling wedge is activated/valid. And we will at least come up and touch the congestion area. Watch for Bearish Gartley .786 then proceed to watch for Bearish Crab 1.618. Take it level by level.
Target 1 is the congestion zone just under 40k, target 2 if we survive that area is 48k.
Still hesitant and I don't think we are done with our consolidation down at these levels. If we go up too quickly I will be very cautious for a final trap before continuing the bear trend. The longer we consolidate around these levels, the better things could look for bulls.
At the same time a weekly view of BTC does look pretty blown off top and we are below the 21 MOVING AVERAGE on the weekly and we touched the 55/50 Moving Average (on the weekly) which usually historically has been a signal to an end of the bullrun. The classic trap is to come down touch the 50/55 MA then come up and touch the 21 MA/trap before continuing downward. See 2017 for a good example of this.
That being said.. regardless if you are bearish or bullish, there is a good opportunity for a bounce here if this falling wedge is activated/valid. And we will at least come up and touch the congestion area. Watch for Bearish Gartley .786 then proceed to watch for Bearish Crab 1.618. Take it level by level.
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Here is the Weekly 55 MA and 21 MA trend and why we could be looking for some kind of bounce
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55 is red line, 21 is blue
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Searching for bobby fisher bounce continues..
