Ropejumping to the sound of a waterphone.
I borrowed this idea from @This_Guhy (thanks!).
He suggests to consider a correction value for
this W-pattern equal to 1.618 Fibo.
This is interesting.
Most importantly, why this could happen.
1. Bitcoin has started a correction. It could go quite low in its channel.
2. SPX has started a correction and could go low.
3. BTC.D has a strong monthly signal indicating an upward breakout to the 67 area.
But it will be breakout on the downside for both BTC and TOTAL.
I wrote about this many months ago and I'll say it again.
ALL down, BTC.D up.
4. ETH/BTC chart is finding resistance.
So, falling Bitcoin, rising dominance, and falling ETH/BTC.
Logically, a breakout of the ascending triangle structure
to the upside is seen as a big bull trap.
Let's pay attention to the weekly VFI_LF.
Two weekly signals of declining volume flow.
Volume Divergence.
P.S. If you suddenly haven't heard the waterphone, search on YouTube.
It will add drama.
He suggests to consider a correction value for
this W-pattern equal to 1.618 Fibo.
This is interesting.
Most importantly, why this could happen.
1. Bitcoin has started a correction. It could go quite low in its channel.
2. SPX has started a correction and could go low.
3. BTC.D has a strong monthly signal indicating an upward breakout to the 67 area.
But it will be breakout on the downside for both BTC and TOTAL.
I wrote about this many months ago and I'll say it again.
ALL down, BTC.D up.
4. ETH/BTC chart is finding resistance.
So, falling Bitcoin, rising dominance, and falling ETH/BTC.
Logically, a breakout of the ascending triangle structure
to the upside is seen as a big bull trap.
Let's pay attention to the weekly VFI_LF.
Two weekly signals of declining volume flow.
Volume Divergence.
P.S. If you suddenly haven't heard the waterphone, search on YouTube.
It will add drama.
Trade closed: stop reached
Tomorrow I will post an update of the monthly close for ETH. D