Bearish Case Scenario for BTC
Updated
On the 1W chart for BTC, we have a descending channel with a three drive pattern formation. There is a likelihood of an upper channel breakout to above $100,000 per some wave counts. However, money flow and other oscillators on the weekly chart shows weakness in strength for that possibility giving the three drive pattern formation more validity. Supporting the three drives pattern is also a double top pattern formed on the daily chart that's still valid. As of this publication on 7/28/2024, there is also a strong RSI divergence on the daily chart supporting the bearish case and invalidating the bulls flag formed on the daily chart.
Disclaimer: These are just my trading notes that I am sharing and NOT to be taken as financial or trading advise. Please do your own due intelligent diligence and decision with your money. Cheers and best of trading.
Disclaimer: These are just my trading notes that I am sharing and NOT to be taken as financial or trading advise. Please do your own due intelligent diligence and decision with your money. Cheers and best of trading.
Note
Keith Alan post on Cointelegraph is very supportive of my own analysislink is below:
tradingview.com/news/cointelegraph:32dde9976094b:0-feels-surreal-bitcoin-sticks-to-68k-as-market-ignores-200k-btc-us-election-pledge/
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Price sell off has reach a good support area on 4H. I expect more sell off once this 200 EMA and Pivot level is broken. Otherwise there will be a bounce to bring in more bulls, If your shorts have delivered great profits consider taking some profits here and reload when bounce fails again.Trade active
My initial target already hit on BTC. A few concluding thoughts:
I am watching signals and indicators to support a V-Shaped bounce to $74301 but have not found it yet so the downtrend pressure is on to next target $47,686.
Old wisdom says that even a strong man falling from a skyscraper will not get up and run immediately so I think it's NOT the bottom yet.
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