ikdavis

CAUTION BTC DROP INCOMING!!! Then prepare for takeoff!

BINANCE:BTCUSDT   Bitcoin / TetherUS
Simply put, price can never go straight up, it MUST retrace before a continuation as it provides liquidity.
Bull markets are built on bear blood.
with this being said, we can see that on the weekly time frame BTC has been losing bullish momentum, signified by the doji candle - representing indecision in the market.

I have marked two possible buy zones,
The red 50-61.8 which is a smaller move which can be seen in the image
and the larger move from swing high to low in blue.
Im in favour of us retracing back to the bull zone before a continuation towards the upside.

This bearish movement will fakeout a lot of people as they simply do not understand market geometry.
HIGHER HIGHS, HIGHER LOWS.
ITS SIMPLE.....

With that being said,
if we can close this weekly candle we have formed an evening star formation, representing sellers are becoming dominant.
So we can see price give a healthy 50-61.8 retracement before continuing as it will take out a lot of buyers providing liquidity for a even greater upside move.

Happy trading
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out