BTC trend analysis
Updated
Emergency update!!!
BTC showing weakness at current resistance level,
which is also at golden ratio with strong divergence in RSI.
It may find support around 31K level
Ultimate point of reversal is around 25K level,
which is confluence of fib level and bottom of pitchfork
It is going through expanded wave type flat correction as per my analysis.
BTC showing weakness at current resistance level,
which is also at golden ratio with strong divergence in RSI.
It may find support around 31K level
Ultimate point of reversal is around 25K level,
which is confluence of fib level and bottom of pitchfork
It is going through expanded wave type flat correction as per my analysis.
Note
Bearish hidden divergence in play as expected.Manage your trades so that your accumulated profit doesn't wash away.
If you see closely, price has got rejected while retesting the neckline of H&S pattern.
Technical target for this pattern is around 24500 level.
Every aspect I know till date, is projecting bearishness for short term.
For long term HODLERS, no need to worry, you can DCA when market gives huge discount.
Your suggestions and feedback are always welcome.
Namaste
Note
Price has shown strong rejection at 45K level with a bearish daily candlestick at resistance.Note
Still no divergence for possible reversal towards upside.Smart money is exiting while retail traders are entering and buying every dip.
H&S pattern in 4H timeframe indicates price to drop to 39K level.
If it sustains that level because of macro economic factors, then it may move up.
Then comes weekly candlestick as bearish pin bar (one day left for weekly close), which will again support my idea.
If you draw major trendline, it is passing through 25K region.
There are many confluences for that price range (25-26K)
Altcoin Index should hit 2300-2400 level
Crypto Index should hit 150000 level
These levels are possible reversal levels for entire crypto market.
Still don't believe me!!
Nothing wrong in that, you can just wait and watch and keep managing your trade positions.
Even I am doing the same as well.
Have a nice weekend.
Peace!!
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