BTC Rejects the 1.61 and Flirts with 1.27 Break.
In a previous post I flagged up the 1.61 inflection point in BTC.
After barcoding in this zone for a while we now have the early signs of rejection of the 1.61.
In this type of setup the 1.27 becomes pivotal. Either we hold this area (with a small spike under) as support and then we rally to the 2.20 fib or the failure of this level is the failure of the uptrend.
Looking mighty sketchy for a break now.
50K would be the capitulation target on a break.
After barcoding in this zone for a while we now have the early signs of rejection of the 1.61.
In this type of setup the 1.27 becomes pivotal. Either we hold this area (with a small spike under) as support and then we rally to the 2.20 fib or the failure of this level is the failure of the uptrend.
Looking mighty sketchy for a break now.
50K would be the capitulation target on a break.
Note
Another way to look at the same idea. In basic trend development, typically a failure of a bullish butterfly at this stage opens up the way to capitulation.
Has worked in most historic crashes.
A little lower and this triggers.
One could argue it has already triggered and we're inside the final retracement.
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Find them here: holeyprofitnewsletter.substack.com/p/all-holeyprofit-newsletters
Find 15 free strategies here: holeyprofitnewsletter.substack.com/p/strategies-parent-thread
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Find 15 free strategies here: holeyprofitnewsletter.substack.com/p/strategies-parent-thread
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.