After we saw a bullish bat harmonic pattern play out, we saw the price go from 29k to to 53k.
Now we can see a clear bounce from the middle line of the channel.
I do not think this middle line of the channel will hold. Which might lead to a possible downfall to 20k.
Also note that BTC dominance is forming a double bottom, which indicate multiple month of...
BTC needs to break above 40k and stay above to continue the bullish trend. Otherwise, I see BTC dropping to 25k as first target then 20k. Bullish divergence on RSI so I'm on the fence whether I want to enter long or short.
Looking at the 2D chart (its a little more robust than the weekly) BTCUSD is making an exceptionally clean 5 wave move towards the downside. Im amazed at how precisely wave 3 and wave 4 hit the 1.618 and 38.2 targets. This is algo trading, no doubt about it.
The RSI has also followed a nice little downtrend since it peaked on Feb 20th at 58K. It hit the same DTL...
Please ignore time frame.
BTC Daily looks to be forming a reverse cup and handle.
I expect a rise to 48400. If the reverse pattern confirms measurements put BTC at 20k.
I'm long, short term.
short, long term. haha
If BTC doesn't wick much below $16892 at it's worst, it would form a tremendous bullish divergence. There is already a minor divergence at play, however - I don't think it to be statistically sound enough to cause a reversal. However, if the down trend continues over the next couple days, this would directly incite a very strong bullish divergence. This would be...
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Here is the top-down analysis for BITCOIN, feel free to request any pair/instrument or ask any questions in the comment section below.
Best of luck!
0.786 just held well might be a 2 in here so we should see an impulse up soon if that's the case.
For Your Own Safe Use No Leverage Please!
Stop loss at 18k!