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Btctechnicalanalysis

BTC: Downward Pressure IncomingFirst of all, please support our work by smashing that like button or following! These really help us to reach more traders like you! Given the 20k ATH, the 14k high, and the recent downward channel, BTC has many key resistances layered between 9.4k - 10k. The longer resistances take to develop, the harder they are to break. As a result, before these resistances are broken, our bias remains on the short side. There are currently many differences regarding how to make sense of the recent 7-8% rise. Some believe this breaks us out of the triangle into the next motive wave upwards (either wave 5 or wave 1 of next bigger moon move). Others (like us) believe it's part of a larger corrective wave to the downside (Wave B). However, regardless of which side one is on, the one thing that we should agree on is there's at least a 300-500 correction ahead very soon. Even for the most bullish scenario (we are in wave 1 of the next bigger structure to create ATH), wave1 needs to correct, and with that many resistances, and wave 1 being the wave with “disbelief”, we are looking at a 0.618 retracement. Do you agree or disagree? All thoughts and critics are welcomed! ============================================= 🌐 We believe in the power of blockchain data analysis! ==============================================
COINBASE:BTCUSDShort
by Phi-Deltalytics
79