BitcoinShort
The Big Short? Triple diagonal confluence sell signal at 4408
I've been a bit obsessed with diagonals lately, and noticed this lining up to a rejection of BTCUSD at 4408. This would align to this fake head & shoulders breakout, which would lead to a ton of longs being filled on completion of the H&S , and then immediate liquidation of longs on a selloff.
The only target bottom confluence I'm showing is 1237 with a timeline of April 1. That seems pretty low to me, however I'm not seeing another lower level of confluence on this timeframe on the chart. I wonder if an "extinction level event" (death of Tether) along with USD stock markets tanking would drive the price pretty low (~1700), then panic selling would ensue and cause a massive selloff that would lead to "all hope lost in" BTC and result in a complete capitulation event.
All that said, I'm going to reassess the lower level charts in the future if we connect on the 4408 downturn. But remember, we are still in a major bear-market downtrend and there isn't yet "blood in the streets".
The only target bottom confluence I'm showing is 1237 with a timeline of April 1. That seems pretty low to me, however I'm not seeing another lower level of confluence on this timeframe on the chart. I wonder if an "extinction level event" (death of Tether) along with USD stock markets tanking would drive the price pretty low (~1700), then panic selling would ensue and cause a massive selloff that would lead to "all hope lost in" BTC and result in a complete capitulation event.
All that said, I'm going to reassess the lower level charts in the future if we connect on the 4408 downturn. But remember, we are still in a major bear-market downtrend and there isn't yet "blood in the streets".
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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.