My confidence is increased due to the correlation with DXY and my bearishness on it(it's forming a right shoulder inside of a right shoulder inside of a right shoulder at the moment).
Other than the resistance between points A and C, I'd be looking at the .5 fib extension(green) and the red rectangles as potential targets.
Other than the resistance between points A and C, I'd be looking at the .5 fib extension(green) and the red rectangles as potential targets.
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Extremely short-term bullish divergence on 5 min chart(and barely starting to show on 15 min). DXY is making it more obvious that 96 is likely the top for a while...
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Bitcoin will most likely benefit A LOT more from the impending freefall of DXY than EUR/USD will though...
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So far so good, reached point B already, validating to me that the pattern has significance, and now it's dipped back down and tested support... exaggerated bullish divergence on the 15 min timeframe.
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the pattern is now officially invalidated but at this moment I'm still bearish AF on DXY so I expect it to recover back above the PRZ in the extremely near future, at which point I expect the reversal points in the pattern and the related fibonacci extension to have an effect(support and resistance) on price action on the way up, at least.
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immediately after my last update I realized there is a bullish shark pattern now at play instead. just had to move things around a little bit to adjust targets based on the new PRZ.
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It will be interesting see price action react to the lines from both charts :)
Here's the interactive version of the bullish shark
Here's the interactive version of the bullish shark
Comment:
I'm no longer bullish even though DXY looks bearish. Bearish div on 30 min chart. Bitcoin's turn!
This takes place within a right shoulder on the weekly chart...