The failed Adam and Eve pattern provides support at the supply zone and should produce a 20% bounce to around 9100. Alternatively if price moves below the supply zone BTC could see a brief consolidation and quick move down to new lows and eventually a move down to 4000. I think a move to 4k will result in a 'V' bottom reversal but we'll trade in the 4-7k range for...
Alt season appears to be hanging on so we'll continue to buy on dips until June 10th or when we see ETH/BTC perform a reversal around that time.
My estimates are long from 7820 until 9250 and then short for new lows.
BTCUSD failed the Adam and Eve reversal earlier than anyone anticipated. Myself and most traders expected a symmetrical 11.8k completion which would have drawn alt season out to about June which corresponded with alt coin talking heads' expectations on Twitter. The puzzle pieces seemed a little too tidy.
A failure of the Adam and Eve formation should result in a...
This rally has been weak and protracted. Usually this means the retracement will be deep and rapid. The alt season rallies have extended the BTC relief rally but don't be fooled.
Side note: Alts are almost always the way to trade BTC unless you're trading north of $200k and even then you can diversify into more alts for more risk exposure off the BTCUSD lows....
BTCUSD rejected from the ATH (log) down trendline could find new lows around 5300 before rallying to the same down trendline and making a break for 15.5k. BTCUSD needs to see 1 more violent sell-off and probably 1 more false sell-off before we're out of these lows for good.
BTCUSD looking for the last capitulation bottom in this consolidation. I expect price to explode off lows toward the daily resistance trendline at 8.6k. May should be a rangebound month and June should be the impulse to 15.5k.
BTCUSD should remain in this range today while futures expire. We might even see a rally to 7700 and a sharp selloff to 7350 today just to shake out weak hands. 7700 and 8200 at the circled areas are the main inflection points on this rally. Observe these areas for inflection. If resistance becomes support we're still long.
Finally getting a retrace here that should touch the 618 or 50 of the move. I won't be waiting for the trendline projection to fulfill just above the 382 at 8000. The provided trendline support is from the Feb 26th fractal which I expect to initiate the big buying for the next leg up.
Playing both the retrace and the long through the head and shoulders. The trendline forecast indicates a drop to the 23% fib but it's unlikely to complete due to the bullishness of this new trend. I'll be scaling in from the 61 down to the 38 retracement.