While many were promoting purchasing BTC, I was airing caution. The green trend line off higher lows remains the battle line between bulls and bears. We already have a bearish cross on the longer term 4h chart and a candle close below the green line coul open the door for 10k and possible even 8,000. The bearish scenario would fit well with a more normal primary wave [2] that would generate a more typical 50-61.8% retracement. In addition, BTC had traced out a bearish Gartley with a target below 8,0000. The war is underway. I'm not holding BTC and been looking for the bearish resolution to provide an ideal entry.
Note
On the 4h and daily chart, BTC continues to close above the key support line, bulls in control. For, those looking to go long this is a nice setup with a stop below the line
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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.