Hi All,
As I stated in my previous post updates, I see downward pressure with a bear break as there was no signs of follow through on the bounce.
Hence I have scaled out, meaning sold most of my holdings.
I did give a bullish scenario in the previous post and the bulls tried however it failed as you can see.
As to where, I have the 29K level as per chart.
The target could be a deep or moderate correction. The deeper correction is the weekly 20 ema which is in the 27k range for now.
Just to make it clear, it might take weeks or a few months to get there so there is no straight line, massive dump.
Another factor, the H and S can be playing out and it too has confluence with the 29k range.
This fractal or formation is based on a few observations in BTC history. Its also part of the Wykoff accumulation\distribution model.
Looking at the daily indicators, and upto the 3 day charts, we can observe where the support line did not hold, hence the exit.
This is only applicable to BTC. ETH has its own structure and looks more bullish.
However if BTC decent is rapid, its better to hold BTC than any other ALTS.
Here are some observable levels and indicators demonstrating we have downward momentum.
All the best,
S.SAri.
On the daily, we can see the phoeix indicator has all three items below 50%. Complimented by the WT and Stochastic charts giving the same message.
On this chart, we have confluence of the main chart with the weekly 10/20 ema.
It is likely that price will go to the 10 or 20 weekly ema and get major support.
If the decent is slow, then the 10/20 ema will be higher than what it is today.
The orange ribbon here is the 10/20 ema ribbon.
Its possible, if it drops very slowly, it can hit the bottom of the wedge support line.
H and S scenario
As I stated in my previous post updates, I see downward pressure with a bear break as there was no signs of follow through on the bounce.
Hence I have scaled out, meaning sold most of my holdings.
I did give a bullish scenario in the previous post and the bulls tried however it failed as you can see.
As to where, I have the 29K level as per chart.
The target could be a deep or moderate correction. The deeper correction is the weekly 20 ema which is in the 27k range for now.
Just to make it clear, it might take weeks or a few months to get there so there is no straight line, massive dump.
Another factor, the H and S can be playing out and it too has confluence with the 29k range.
This fractal or formation is based on a few observations in BTC history. Its also part of the Wykoff accumulation\distribution model.
Looking at the daily indicators, and upto the 3 day charts, we can observe where the support line did not hold, hence the exit.
This is only applicable to BTC. ETH has its own structure and looks more bullish.
However if BTC decent is rapid, its better to hold BTC than any other ALTS.
Here are some observable levels and indicators demonstrating we have downward momentum.
All the best,
S.SAri.
On the daily, we can see the phoeix indicator has all three items below 50%. Complimented by the WT and Stochastic charts giving the same message.
On this chart, we have confluence of the main chart with the weekly 10/20 ema.
It is likely that price will go to the 10 or 20 weekly ema and get major support.
If the decent is slow, then the 10/20 ema will be higher than what it is today.
The orange ribbon here is the 10/20 ema ribbon.
Its possible, if it drops very slowly, it can hit the bottom of the wedge support line.
H and S scenario
Note
Note
I have adjusted my view, its also $26.6K as a volume by support level which has a key fib level as well. I will be average in between these ranges, 26.6 to 28.5kNote
Maybe this is the level. I had this level as you can see, however more senior trader expect lower prices...Note
maybeNote
No 4 hr trend change, looking for the pullback for a long entrance Note
Note
nothing is ever straight forward. The current price action looks like it found support however the indicators show negative or downward pressure on the 4 hrly and daily.What do you go with, levels and candlesticks or indicators?
For now, this is what I see on the chart and levels of interest.
Note
Note
looking for that positive sign for BTC , RSI breaking this level on the daily.Note
I have 2 scenarios , sideways range\accumulation or the otherNote
It would not surprise me that BTC hits double bottom, 29k before it gets a push up.
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Discord: discord.com/invite/vb4hbP88vb (TradeToProspa)
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
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.