btc broke down from our previous triangle and has confirmed our 5 wave cycle top. its currently at high timeframe supports and looking to push again after making the first correction down. we could see a push to mid 11s or possible high 11s to retest the previous triangle and resistance areas. failure to broke above that and turn to support would possible mean a...
btc is currently ranging between 12000s and 11100s. currently trapped in what looks like a triangle. a breakdown from this range would confrim a 5 wave move up and this cycle is correcting.
a breakup on the other hand would mean this cycle move up is not yet finished and we will be going up explosively to retest 13000s sooon.
btc is currently facing strong resistence at 6700 levels with the 50DMA blocking the way, it is currently overbought on higher timeframes and would more likely retrace to T1 up to T3 before doing another attempt up.
if btc pumps straight to 6800/ 6900 this would give more incentives for the bear to short the overbought RSI it and would leave the bulls not much...
we might be seeing this play out this month, considering we still have one futures to close by the end of the month, if we cant do a mini bull rally within the week. btc looks so weak we might hit the 0.78 fib at low 4000 levels soon
when permabulls become bearish and come to the party late. BTC does the next best thing.
we might test lower lows of 5500 before bouncing or the bounce has already started.
check the RSI bullish divergence and the price action from april lows
pretty easy and simple $BTC #btc chart from the daily. bullish divergence showing up but still in teh middle of the descending triangle. break 6400 and we run up. fall and we drop to the apex in sideways action for the next few days
heres where i see btc pulling back. hidden bearish divergences on the 4H chart and prices has been climbing and being pushed into a wedge. also a leading diagonal wave 5 just ended. if you backtest your history everytime btc stayed up at around 60 ris levels on the 4H chart it retraced around 300 - 400$
btc just dropped hard and is trying to bounce back. if we can get a confirmation and breakout from this current resistance this is the possible play.
this should play out the next few hours.
if btc cant breakthrough theres a big possibility we are going down again and we might see 7200 as the next resistance