BTC bear flag is playing out. 1:1 projection gives us 28k
Gradually decreasing cycle periods + contracting price action = bearish. First target EMA 50 on Daily.
Starting from the bottom left, price went up, establishing a significant high. It then entered into a 3 year long accumulation period (the large green box). Inside it we have a downtrend, a trading range, and an uptrend. The uptrend continued and broke the previous significant high, completing the rounding bottom pattern. After that it went into price discovery,...
BTC seems forming bearish Crab patten. Because this is an extension pattern, so I believe there is a higher chance for this pattern to play out. The PRZ (potential reversal zone) is some where between 67100 ~ 70k. I will look for reversal patterns in this area and penetration of the counter trend line. TPs will be 0.382 and 0.618 from C to D. Above 70k == invalidation
I am expecting bitcoin to test the 42k level (previous swing high) before adding more position.
Still believe bitcoin will go down.
It looks like ADABTC pair broke out from the double bottoms formation.
Let's remove as much noise as we can and just focus on Bitcoin's raw market structure. This is what I see: Bitcoin made a flat top formation @ the exhaustion point, had a sharp pullback to the downwards , pulled back to the upwards again then failed to break the exhaustion point. Instead, it created a new low high @40k. Unless Bitcoin can break the counter trend...
Price may go back to 35200 and below.
the way up is paved with profit takings.... don't get greedy.
looking for reversal patterns at D point. Enjoy. :D Don't get greedy.
+ not until Bitcoin finishes its moves.
break the middle trend line, retest the area trapped by two fibs, flip that as support, break the upper trend line, retest 40k, flip it as support, moon. sounds easy? LOL Otherwise, we will just keep playing with fibs and alts.
until i see a reversal pattern. i guess i will keep riding down then.
We're trading below two strong fib levels.
rushing to the top without pullbacks often isn't a good thing...