Get started
Bitcoin
Short
Updated

$BTC - 6 months of green, time for a red candle?

503
This was a little too fast for an organic rally, and the correction was expected for a while. The price tried to breakthrough 0.786 fib retracement (from 20k to 3k) and failed twice, creating a double top

RSI is at the same level (red arrow) in 2016 where there was a 40% correction

The weekly red candles at this level is not a positive sign, even RSI has tapped overbought (80) sign twice (red arrows)
snapshot

I posted a daily chart saying that either 5th wave is done or almost done. Most people are thinking there is still juice left in this 300+% rally. Do you want the left our juice or the meat of the rally?

BTC - Everyone is bullish, Be cautious of the 5th wave
Note
We bounced hard from the 0.618 Fib retracement blue line . There is a high chance this is a ABC flat correction or ABCDE triangle consolidation. Either way it will be a sideways corrections

Makes sense on the assumption IF this is the 4th subwave as per the original idea

snapshot
Note
We got the red candle on the monthly as er the original idea

snapshot
Note
Another red candle
snapshot
Note
Expecting 2 more weeks

snapshot
Note
2 weeks turned to 4 weeks, will October be a green candle?

snapshot

The weekly doesn't look good, I would think a 50% correction is more appropriate

Lost the 9k green support line
Lost the 20 Weekly MA
Weekly RSI dropped below

snapshot
imkeshav
Follow me for more updates
twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
Also on:
Chart PatternsTechnical Indicators

Related publications

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.
Chart PatternsTechnical Indicators
imkeshav
Follow me for more updates
twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
Also on:

Related publications

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.