BTC/USDT (1D) - Struggling to get higher, Rising wedge formed ?
Hi Traders and Crypto Investors...
As You can see, BTC and entire Stock market is moving UP for recent 4-5 weeks.
Is it Impulsive or Corrective move ?
In my opinion its Correction or partial Short-take profit and re-entry of Shorts, after 50% bounce from Lows. (Around 17k at big exchanges, some small exchanges BTC touched almost 14K.)
So according to Technical analysis of smaller Timeframe like 2H-4H we are forming Rising wedge with ending diagonal in wave c.
More detailed count is attached.
Why do I think BTC will continue to Fall ?
= Coming recession in China / US / Europe. (Check fresh data from CHina = Economy slowing, Housing market BIG problems, central bank decreased interest rate by 0,1% today...)
= Dollar Index is forming Bull Flag. (Chart Attached). = Risk OFF mode for everything.
Let me know what is your opinion, or post your Wave count.
Have a green day ;)
As You can see, BTC and entire Stock market is moving UP for recent 4-5 weeks.
Is it Impulsive or Corrective move ?
In my opinion its Correction or partial Short-take profit and re-entry of Shorts, after 50% bounce from Lows. (Around 17k at big exchanges, some small exchanges BTC touched almost 14K.)
So according to Technical analysis of smaller Timeframe like 2H-4H we are forming Rising wedge with ending diagonal in wave c.
More detailed count is attached.
Why do I think BTC will continue to Fall ?
= Coming recession in China / US / Europe. (Check fresh data from CHina = Economy slowing, Housing market BIG problems, central bank decreased interest rate by 0,1% today...)
= Dollar Index is forming Bull Flag. (Chart Attached). = Risk OFF mode for everything.
Let me know what is your opinion, or post your Wave count.
Have a green day ;)
Note
Dollar index DXY 1W tf. Note
DXY 1D = Bull flag is probably fully formed Note
BTC/USDT(Binance) 4H chart Trade active
Quick update.: As D*XY started to Pump, there you can see expected reaction of Risky assets. Including most Shares / ETF´s like SPX and DJI.
Hopefully you are prepared for a ride. Interesting area for BTC entry will be areound 19-16,5K if RSI can create Konvergence at 1D/1W chart. Otherwise we are heading down to 15-13K ;)
Trade active
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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.