Welcome everyone,
BTC went for the 11.7K for the second time and got denied killing the Elliot Waves pattern from the chart before this one.
The double top makes the pattern a potential bear flag but there is still bullish hope for BTC. The most important indication from BTC breaking down at the 11.7K attempt 2 was the enormous
volume divergence. Watch the volume during the coming moves up or down.
I marked the levels I am watching, for BTC.
Why is the "bull gate" so important?
that price level was where BTC originally flirted with the MA and broke down in to the down trend opportunity, at the 11.7K run up from the 6K bottom the price got denied twice at that exact same level again.
the door for a long term down trend has been opened when we broke that MA and went to 6K. Not being able to break that level with multiple attempts is what worries me for the long term of BTC, from a trader perspective not a investors perspective.
I am watching BTC to make a higher low, preferable above 8.4K but the max that is to be technically accepted is 6K>.
TLDR:
-Down trend door got opened at that price level.
-Multiple attends to break that level failed.
-Down trend confirmed by reactive EMA's cross overs.
-Ichimoku still confirming resistance/ down trend.
-Bullish signals are scarce.
I am ending the write up here, you can find the rest of my thoughts in the groups where I am active.
As always,
Happy Hunting!
BTC went for the 11.7K for the second time and got denied killing the Elliot Waves pattern from the chart before this one.
The double top makes the pattern a potential bear flag but there is still bullish hope for BTC. The most important indication from BTC breaking down at the 11.7K attempt 2 was the enormous
volume divergence. Watch the volume during the coming moves up or down.
I marked the levels I am watching, for BTC.
Why is the "bull gate" so important?
that price level was where BTC originally flirted with the MA and broke down in to the down trend opportunity, at the 11.7K run up from the 6K bottom the price got denied twice at that exact same level again.
the door for a long term down trend has been opened when we broke that MA and went to 6K. Not being able to break that level with multiple attempts is what worries me for the long term of BTC, from a trader perspective not a investors perspective.
I am watching BTC to make a higher low, preferable above 8.4K but the max that is to be technically accepted is 6K>.
TLDR:
-Down trend door got opened at that price level.
-Multiple attends to break that level failed.
-Down trend confirmed by reactive EMA's cross overs.
-Ichimoku still confirming resistance/ down trend.
-Bullish signals are scarce.
I am ending the write up here, you can find the rest of my thoughts in the groups where I am active.
As always,
Happy Hunting!
Trade active:
Showing the importance of the current movement on the shorter time frame.
Showing the importance of the current movement on the shorter time frame.
Comment:
This chart is to monitor the bullish scenario for BTC, I have already exited BTC a few days back now and am hoping to see it use this scenario to jump back in. If it doesn't I won't jump back in and wait for a new bullish scenario!
Trade active:
Whipsaw time:
Right now btc is moving sideways and hugging the Tenkan-sen ( conversion line ichimoku) plus the (E)MA's are indicating we are in a moment of trend forming, which is sideways for now on the smaller timeframes (4h/1h).
Whipsaw time:
Right now btc is moving sideways and hugging the Tenkan-sen ( conversion line ichimoku) plus the (E)MA's are indicating we are in a moment of trend forming, which is sideways for now on the smaller timeframes (4h/1h).
Comment:
Well this chart confirms we are still bearish! bullish updates will be posted here.
new bearish chart if we break 6K!
new bearish chart if we break 6K!
Comment:
Watch the 8.7K, breaking that gives BTC the opportunity to test the bull trend gate again!
Comment:
Smaller down wards channel, and heavy resistance that needs to be broken for a longer up trend opportunity!
www.tradingview.com/x/qhh5DKDD/
www.tradingview.com/x/qhh5DKDD/
Comment:
Support turned to resistance!
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