Bitcoin price trajectory fitted almost perfectly the scenario presented on june 18th (W analysis) so far.
Now, nearing "endgame" and with price approaching the upper bound of the falling wedge, we can see some scrambling already.
Short term, we've plenty of concerning factors:
We'd better not ignore all the above as it may hint a short term pullback.
Possibly down to the 21k range, first place.
So let's use some caution and closely watch that rising wedge on both candlestick and RSI charts.
The above scenario would be invalidated in case of breakout of the 28k to 29k range (breakout of MA20/W, Par SAR reversal).
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Longer term (W) scenario still unchanged, so far.
We're still looking forward to:
1) A Blue Dot signal from Hash Ribbons.
2) A break-up of MA20/W, hinting a switch in the trend.
3) A Parabolic SAR reversal on W, as a confirmation.
Curently on vacation, will comment more whenever possible.
Now, nearing "endgame" and with price approaching the upper bound of the falling wedge, we can see some scrambling already.
Short term, we've plenty of concerning factors:
- Rising wedge (D)
- Ongoing bearish divergence (D)
- Rising wedge as well on RSI (D)
- Stoch RSI overbought already (W)
- Volume flattening (W)
We'd better not ignore all the above as it may hint a short term pullback.
Possibly down to the 21k range, first place.
So let's use some caution and closely watch that rising wedge on both candlestick and RSI charts.
The above scenario would be invalidated in case of breakout of the 28k to 29k range (breakout of MA20/W, Par SAR reversal).
---
Longer term (W) scenario still unchanged, so far.
We're still looking forward to:
1) A Blue Dot signal from Hash Ribbons.
2) A break-up of MA20/W, hinting a switch in the trend.
3) A Parabolic SAR reversal on W, as a confirmation.
Curently on vacation, will comment more whenever possible.
Note
Dip started, careful now.Zoom:
Note
Down close to the 23k mark already.Let's see.
Note
21k range reached, unsurprisingly.Note
At support, here we go.I'd expect a bounce along weekend.
Let's see.
Note
Blue Dot on hash ribbons1 gone, 2 remaining ...
Note
That's a textbook correction.At short term support.
Likely THE dip, still unfolding.
Any further drop may be a pretty good medium term buying opportunity.
Note
Ok, i think it may suffice for now.Closing.
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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.