In the previous analysis the conclusion was that btc would drop +/- 40% from the 0.382 fib> 10k level. It seems the euphoria is strong it went to 13k where the 0.618 fib rests.
Also in the previous run in 2016 june there is fractal where btc dropped 40% > two months in the red july and august.
You might want to consider shorting. Monthly rsi also ticking overbought region.
a fractal that most of us overlooked(including me) seen in in Red Boxes. Since this market has alots similarities with the market of 2014-2016. The 2014-2016 will be the cope. The big question of the current BTC market compared to the 2014-2016 is that todays move looks familiar as seen below with blue boxes, espcially the weekly pin bar close in 2014-2016, could...
Past few weeks Bitcoin has been testing 6k level several times. There have been attempts to break resistance lines and Moving Averages. End of july Bitcoin did break 50 MA and 100 MA , but the 200 MA is still unbeaten. And a 3rd retest of 6k was imminent (with ETF rejections as a reason).
The ichomoku clouds Lead 2(red cloud) is going horizontal paralell...
BTC just did a 1000$ jump in a week. In the previous analysis in the weekly chart a tweezer bottom pattern appeared. Which now is confirmed by the jump. However there was a sell off before the jump to +7k a possible bear attack.We might see more of these attacks when BTC is on the way to breaking the Fibonacci levels and getting above Moving Averages.
The wyckoff cycle still active unless btc breaks 6400. If i would give you advice: Dont trade go back to USD or USDT
If the level of 6400 breaks we go straight to 5k. There is major support around 5k and 4.4k. These are also the last fibonacci levels (0.786) of btc.
BTC is at the end of or already ending the wyckoff market cycle schematic. The only question is :''Is btc respecting the green trendline and the daily 50 MA (±8000$) or will it go lower to ± 7500$ because its moving in a falling wedge?''
This will be answered next week.
BTC is on the edge of being overbought on the daily timeframe. Either itll retest 50 ma ( plusminus 8000$) while moving in the flag and move up. Breaking the 50 below is confirmed sell off and the bulls might lose the momentum.
Or itll move up higher and daily will be very overbought to the previous resistance 11k-12k and a drop back to 200 ma. This is...