Timeline of events:
1) Downtrend started on November 10th.
2) Broke the uptrend from July on December 4th.
3) We broke above the downtrend on December 23rd with an impulse candle.
4) Retesting the broken uptrend would take us to around $55,555.
Thesis confirmation: since we broke the downtrend from November, in terms of probabilities the next thing to happen...
My thoughts on bitcoin?
1) downwards channel formation still intact.
2) lower highs, lower lows.
3) breakdown from uptrend that started July 2021.
4) market structure aoi around $44,444.
5) would like to see a 3rd tap on the support line on the downwards channel with strong buy pressure.
Happy holidays to everyone, and Merry Christmas.
We've seen a lot of sell pressure over the past 24 hours, but now we need to retest the broken uptrend to either flip it back into support or confirm resistance / supply zone.
$48,000 - $49,000 depending on when the pump / short squeeze / relief rally happens.
Never put all your eggs in one basket (direction) the market is always one step ahead and...
This technical analysis is similar to the last one I posted but just more detailed showing you what I'm seeing so you can visualize what I'm thinking.
Let's see what happens today (Monday, December 13th, 2021) and the rest of the week.
The rejection at $52,000 was exactly where we broke down below the uptrend that started July 2021, indicating it's...
If the third tap on the uptrend that started on December 4th doesn't have a strong impulse back above $50,000 it'll likely fail to hold & break down which would trigger a sell off.
Why do I think this?
We broke below the macro uptrend that started in July 2021 which would of been the 3rd tap and if it held we'd be above $70,000 heading towards...
The uptrend from July got destroyed with a $16,000 crash before stopping at $42,000. The uptrend which triggered the bull market that started March 2020 hasn't been tapped since the 2nd validation touch in October of 2020. It's been over a year now....be ready for anything.
If we see a rejection from the retest of the broken uptrend it's likely we go...
Haven't looked at the charts over the past week as I've been working.
You can check the previous technical analysis posted and click play, it's so far been somewhat accurate.
As long as we're above $52,000 we should squeeze higher, everyone is also bearish saying it's bear market PA.
If we nuke below $50,000 then things could get messy but this...
If this falling wedge breaks to the upside which has an 88% chance then the previous TA posted will become true.
I posted this one because it's more clean without the horizontals etc.
Have a great week.
1) Broke above mini downtrend November 2nd.
2) ATH November 9th.
3) Deviation/liquidity grab November 10th.
4) Retested the uptrend (trend-line area of interest) November 16th.
5) 4 hour & 1 day momentum oscillators in the oversold zone.
6) Current zone is either.
A) The demand zone for the next pump to "TEST" on the chart ($70,000+) or
B) A trap before...
Hello friends & community,
I've spotted a rising wedge, now sometimes these patterns do break up but historically they're bearish patterns that break to the downside and retest market structure level of support which in this case would be around $48,000 - $49,000.
I'm not really trading yet, still got a few things in real life I'm dealing with but wanted to...
Hello friends & community,
I've taken quite a while away from the markets to really slow the mind down and do a lot of reflecting on my performance in 2021. I'd go on big win streaks but then eventually lose it all due to high leverage (usually 10x+) and once squeeze in the opposite direction of my position would wipe out all my previous gains and even most of...
I've noticed similar PA now & $52,000 before the last big correction.
One thing I’ve noticed about rising wedge’s is often times they’ll break down but get bought up quickly then sweep the highs with clear deviation.