rishtheswish

rishtheswish

WIth multiple bearish indicators in play, this one has been in play all of 2021. BTC needs volume to break the RSI resistance here...

rishtheswish

Yet another BTC rising wedge. We got denied at the 200MA, and volume declining once again.

rishtheswish

More and more days of consolidation to come...target low 20K's.

rishtheswish

Today we printed our daily RSI starting to move downwards. We are against a horizontal resistance line (around 40) and a declining RSI trend line (since April). I am expecting another lower high with more downside in price action with weeks to come.

rishtheswish

Downtrend has seen a large set of bear flags and rising wedges. Here is another one forming within the larger ascending wedge (target low 30's)

rishtheswish

We are under the 200MA, 21EMA on the weekly and all indicators are bearish. On the shorter time frames, head and shoulders on 4 hour hit target exactly w/ rising wedge target still in play at $32K. All indicators are under the EMA's, so unless we see some major green candle stick over the weekend, I expect a break out of this triangle in the coming days.

rishtheswish

Bitcoin is retesting the rising wedge and if it cannot break through decisively (through the 200 daily moving average), two patterns in play to bring BTC back towards the lower 30's. We also have the larger rising wedge in play from the first flush out (target 29K region).

rishtheswish

The trend is still bearish, so I am inclined to say this rising wedge will play out. Target $31K for the shorter time frames.

rishtheswish

In bearish scenarios, downside more likely. Let's see how resistance and support play out in this 30-42K range which I think we will be in for weeks to come.

rishtheswish

If we are still in a bull-run (I think we are), we are clearly mimicking the 2013 bull run (double peak cycle). With lengthening cycle theory and diminishing returns, this bull run may extend into mid to late 2022. With that being said, there is plenty of room to do the downside for the following reasons. 1) The trend since has been simply down since $60K with...

rishtheswish

The trend is bearish, until we have a clear reversal on the oscillators (RSI), etc.

rishtheswish

Massive manipulation (Wyckoff distro, whale games) in play in the markets right now. Beware of another liquidity grab up to our resistance zone in the 42K area by whales before pushing this to our next support zone in the low 20's. Remember, patterns are in play until validated away. I will not be bullish on Bitcoin until we break out of this year long resistance...

rishtheswish

Bitcoin Stoch RSI under 4 on the daily. Although we need to break the downwards resistance on the RSI to shift momentum to the bulls, & need to maintain support at the 21EMA to have any chance of an upcoming bullish week. Otherwise, 43K (Jan high) is inevitable & perhaps further downside.

rishtheswish

Patterns, patterns everywhere. Continuing the view on bearish signals across multiple indicators, we are seeing a bear flag form on the hourly. Flag to likely fail in the bottom of the rising wedge that broke yesterday. Flag pole target in the 52K region.

rishtheswish

In continuation of breakdown from our ascending wedge (target 48K), looking for the Bears to continue to step in here and break down the price further. Definitely not a guarantee or anything to take to the bank but, something to watch nevertheless.

rishtheswish

Failing time and time again at the 58K-59K region along with bearish divergence on the RSI is showing lack of momentum for the bulls. MACD also had bearish cross on weekly two weeks ago. Two rising wedges in play with support at 47K & 43K. Bull market support band also floating around 47K (will close in a couple hours for a new candle). Need to flush out the paper...

rishtheswish

47K be our key target if we want to break resistance (between 57.5K and 59K. Many technical indicators are showing this: 1) Rising wedge target on four hour time has target of 47K 2) Possible head and shoulders pattern in play with target for 47K 3) 21 week EMA should close around 47K by Sunday Every bull market run in Bitcoin history has hit the bull market...

rishtheswish

60% upside, but in a bear trend, more downside looking likely.