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Very controversial signs on the chart. I usually use the 4hr chart for swings.
Currently, everything is very neutral except the slightly bullish momentum which is now slowing as we are approaching the second half of the Tom Demark count.
While the cloud is nearly cleared, the previous TK cross is not in the favour of the bullish trade.
RSI is 50 and therefore ...
The RSI is crossing once again with my trendline. Last time this happened, we had a 4k drop. Let's see what happens now.
A descending triangle is forming on the hourly charts but the volatility of the market creates some ambiguity in the readings.
Another price drop is highly likely if the bears can push down below the descending triangle with a high volume.
11-12k would provide a great buying opportunity for those who missed the previous bull run.
Personally, I use Tone Vay's ...
Short term low might be in with a dead cat bounce upcoming.
Stop loss fore bounce at 50% retracement at 7k
Target 6200 tomorrow or the day after. (UTC)
BTC is still holding above support line of €2464. Bounce incoming. Don't forget to look at the overall trend. China getting out of the BTC equation might be a good thing on the long run. And now, we have a major Autumn sell for BTC. Take advantage, buy cheap.
Time to go to sleep on the BTCEUR. I am positive that the price will drop overnight at least to EUR 2600.
Then i'll see how it goes in the morning.
Wil itt hit 2800?