Although Bitcoin by just about any measure is still comfortably in an uptrend, there are things developing we've been speaking about for months to pay attention to.
First, just to get this out of the way. for those that use RSI, we have now spotted RSI bearish divergence on the Monthly, Weekly and daily charts.
Secondly, we have broke our daily uptrend which we established back in June.. or July/August if youre looking at the certified new high.
Third, like most charts I post I take a look at participants through volume. We are making higher highs on less volume/participation so that gives me reason to think bearish activity may follow.
Although we are trading above the 60k key level and I do think there will be some minor buys (dead cat bounces) ultimately i think were headed back to 50k.
Looking at price structure and doing a guess at the wave count because the full A down wave hasnt completed yet it gets us closer to the 50k region than the 55k region as many suggest.
Are we bullish afterwards.... eeeehhh I wouldnt rush into that conclusion. Not financial advice but I think there is still plenty opportunity for bitcoin and crypto to fall from here. Either the case I do support the idea of buyers being at 50k.
First, just to get this out of the way. for those that use RSI, we have now spotted RSI bearish divergence on the Monthly, Weekly and daily charts.
Secondly, we have broke our daily uptrend which we established back in June.. or July/August if youre looking at the certified new high.
Third, like most charts I post I take a look at participants through volume. We are making higher highs on less volume/participation so that gives me reason to think bearish activity may follow.
Although we are trading above the 60k key level and I do think there will be some minor buys (dead cat bounces) ultimately i think were headed back to 50k.
Looking at price structure and doing a guess at the wave count because the full A down wave hasnt completed yet it gets us closer to the 50k region than the 55k region as many suggest.
Are we bullish afterwards.... eeeehhh I wouldnt rush into that conclusion. Not financial advice but I think there is still plenty opportunity for bitcoin and crypto to fall from here. Either the case I do support the idea of buyers being at 50k.
Trade closed: target reached
Well this played out beyond our expectations. Although I was anticipating more of a pull back before we hit 50k.. we hit 50k alright.. good and hard. Almost 40k. Bitcoin still has alot of potential bearish activity ahead of it. Im going to post a new idea and perhaps link this chart. Either way.. rather we start to accumulate for a pump or drop more.. but I can tell you now Im still very bearish.
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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.