Long

BITCOIN - Breaking Out ?!?!

Here's some of my work for this recent area.

Some great dip buys today.

Enjoy 👍

Not advice

Note

BTC

Just made a new high for this area.

At every resistance so far it has slumped so don't be too surprised if there is some exotic re-testing / shaking out here.

Then there is ATH resistance a little way up 🤨.

Note

There' that pull back, now pushing up again

Note

This area was looking very positive but there are little bearish clues.

Price has made only a slightly higher high and if a significant pivot forms here then it would appear that the uptrend will have completed and a bearish wave can test the lows of the trading range.

So, right here there is no clearly defined pivot since there is no significant downside discovery.

But if a pivot does print here then it is a problem -

1) Because it is a 1:0.618 extension; This is a weak ratio and signals wave completion.

2) Because the slightly higher high tends to be a liquidity sweep which happens in a reversal.

And 3) Notice on low time frame that there are a lot of wicks printing a lot of weave through resistance

That is what Wyckoff would call "Distributive" action - and can signal a top.

So only smoke and no fire as yet.

This may yet grind higher and I can evaluate later...

But since I posted this bullish thread today I have updated this as I have my clients to give the "smoke alarm" warning.

dRends35

Your FA guru can't read a chart💭

I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.

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Contact: t.me/dRends35

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dRends35

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