After Bitcoins beautiful runup i talked about the possibility for a cooloff day or a few and i think we might just be seeing that now, also it looks as we could see a bull flag forming which in most cases ends up swinging to the upside after the flag is completed. For this to be true we will need to see wicks or touches on the support and resistances, following a similar channel i have drawn, the top resistance of the flag is more accurate than the bottom support as because we haven't closed out the day yet and we could still see more downside, and thats even if we get a bull flag here. I do think we are going to get a little pullback which is normal after runs like this, i think that because looking at these indicators there isn't another "technical" way to think lmao. So the Wave trend oscillator is looking pretty bearish as we nearly crossed into the sell zone with are wav e now looking like its topped out, we most likely will be heading down here before starting another wave upwards, there are times where we do hover in the top area for a little bit. Looking at the coppock curve we notice the same thing but with this indicator we don't really have any jagged movement, for the most part we see smooth transitions between waves and when we see a top of the zone wave we usually see a "crash" tp the bottom then repeat, and as you can see we do look like we are starting atleast a bit of a comedown, there definitely is a chance both the WT and CC don't bottom out and we find some support maybe halfway through the zones. Now finally the MACD we see still decent separation in the MA's but the blue one is coming down pretty hard towards our orange, we could for sure see a bearish cross coming up soon, or we could see a bounce off like i talked about in the last BTC TA, this is also part of the reason we may not see a bigger pullback because since our blue MA got so far from our orange it allows us to have those few red days without actually getting a bearish cross, same thing for the WT & CC they could both find quick support which would be ideal! Not financial advice just my opinion
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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.