This looks like a failed Bullish breakaway setup which should have moved up after the 4th or 5th candle down but appears to be experiencing technical challenges .
Normally if the Bullish breakaway is going to succeed it will do so by the 4th or 5th candle down.
In this case the move up should be to the 24585 area; However its been 5 candles down and still no action.
In the current setup if the Bullish breakaway fails to materialize then id expect BTC will move to to the 19K / 18K area.
An interesting thing is the current Bullish Breakaway setup is similar to the Bullish breakaway setup which failed right before the dump as seen in the chart below.
Whats as Bullish Breakaway?
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The "Bullish Breakaway setup" is explained in the graph below with examples if you have no idea what I'm on about
Normally if the Bullish breakaway is going to succeed it will do so by the 4th or 5th candle down.
In this case the move up should be to the 24585 area; However its been 5 candles down and still no action.
In the current setup if the Bullish breakaway fails to materialize then id expect BTC will move to to the 19K / 18K area.
An interesting thing is the current Bullish Breakaway setup is similar to the Bullish breakaway setup which failed right before the dump as seen in the chart below.
Whats as Bullish Breakaway?
===========================
The "Bullish Breakaway setup" is explained in the graph below with examples if you have no idea what I'm on about
Note
Its best to keep a close eye on this fellow and exit if it drops below 21600 as that will indicate further downside.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.