Well looks like the bounce is over 😄.
In retrospect this ABC top had more drift and was a weaker top than previous back from February - May which had formed out of an extremely bullish phase. And so rather than a solid 0.75 bounce in circled area we get a very weak bounce.
I've drawn a squiggly line as my best guess of what happens next - could be similar to 2018 rolling off the table. Notice the 3D50MA caught the bottom in October, now acts as resistance over a nullifying evening star candle formation.
These fib cicles have seen activity at every point pretty much, so I wouldn't be surprised if a drop happens around the next one.
Anyhow Bitcoin is done - sorry about that.
I'm going to maintain my 2 long alt positions in ADA and OMG because they are oversold on the daily and ADA in particular has a lot of bullish divergence but although they may rally, this is not the ideal situation. I just chart and trade for the love but there will be MUCH better risk / reward opportunities coming down the road for those that are patient.
See you at 20K 😉.
Not advice.
In retrospect this ABC top had more drift and was a weaker top than previous back from February - May which had formed out of an extremely bullish phase. And so rather than a solid 0.75 bounce in circled area we get a very weak bounce.
I've drawn a squiggly line as my best guess of what happens next - could be similar to 2018 rolling off the table. Notice the 3D50MA caught the bottom in October, now acts as resistance over a nullifying evening star candle formation.
These fib cicles have seen activity at every point pretty much, so I wouldn't be surprised if a drop happens around the next one.
Anyhow Bitcoin is done - sorry about that.
I'm going to maintain my 2 long alt positions in ADA and OMG because they are oversold on the daily and ADA in particular has a lot of bullish divergence but although they may rally, this is not the ideal situation. I just chart and trade for the love but there will be MUCH better risk / reward opportunities coming down the road for those that are patient.
See you at 20K 😉.
Not advice.
Your FA guru can't read a chartðŸ’
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Related publications
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.
Your FA guru can't read a chartðŸ’
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Related publications
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.