bitcoin is starting to display a loss of momentum up here.
it has also printed a very clean 4h hidden bearish divergence:
⏬
this tells me there's a reversal which is imminent in the near term.
bitcoin did come up in 5 waves though, which is generally the beginning or an end to something. in this case, it is the beginning of something as it came right off the lows.
⏬
the bulls want to see something along these lines:
⏬
but i'm looking for more complexity, as displayed in my last post:
---
it is also still somewhat possible that this mean retracement which bitcoin is currently working on is a connector leg for a larger move down which is yet to come (to 13k),
displayed in this post right here:
---
the strategy is simple this week,
watch what the rejection looks like from the local golden zone at about 22.5k.
>if the rejection takes out the lows at 18.4k, entertain the last two ideas which i shared above.
>if the rejection is controlled (doesn't take out the lows), and it comes down in a clean 3 wave move, then we might be in for a bullish treat over the next few months.
---
as always, be very cautious over the next few weeks - as there's quite a few different paths which bitcoin can take.
it has also printed a very clean 4h hidden bearish divergence:
⏬
this tells me there's a reversal which is imminent in the near term.
bitcoin did come up in 5 waves though, which is generally the beginning or an end to something. in this case, it is the beginning of something as it came right off the lows.
⏬
the bulls want to see something along these lines:
⏬
but i'm looking for more complexity, as displayed in my last post:
---
it is also still somewhat possible that this mean retracement which bitcoin is currently working on is a connector leg for a larger move down which is yet to come (to 13k),
displayed in this post right here:
---
the strategy is simple this week,
watch what the rejection looks like from the local golden zone at about 22.5k.
>if the rejection takes out the lows at 18.4k, entertain the last two ideas which i shared above.
>if the rejection is controlled (doesn't take out the lows), and it comes down in a clean 3 wave move, then we might be in for a bullish treat over the next few months.
---
as always, be very cautious over the next few weeks - as there's quite a few different paths which bitcoin can take.
Note
we got to my target, but it's weird how we got here. bitcorn is still a mystery for now
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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.
i only share a tiny fragment of my ideas on this platform. to view my daily work, join the lunar syndicate 9 👇
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.