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,
GOLD has been playing out PERFECTLY
After the bullish flag / ABC Correction we received, we got a rejection off the longer term TL which has provided plenty of liquidity driving price up to the Resistance at 1345.
I expect price to pullback to the blue 50-61.8 sweetspot highlighted in blue, before another rally towards 1,400
As you can see, BTC has gained a lot of selling pressure over the last few days. Perhaps due to bigger participants taking profits after we hit the psychological number of 9,000.
The ADX shows buyers are starting to gain dominance, indicated by the red line crossing the green line. And volatility is starting to pick up.
Furthermore, i have taken a previous move...
As you can see, we have a series of bearish flags.
I am looking for price to double top off 2k18's previous high at the 1.36500 level before declining.
I'd wait for nice daily priceaction off the highlighted level for a risky entry
for a safer entry id wait for a break of structure
it would also create MACD divergence
Signifying sellers coming into the market.
After the whiplash we all received when bitcoin was like NOOOOOPEEE after spiking through 9,000, i can see the following scenario playing out.
Retracing to between 8,300 and 8,100 which would actually close the CME futures gap which can be seen here -
Also giving us a nice tap off the TL.
We could break further down to the...
As we can see, history tends to repeat itself.
I have taken a move from the bullrun of 2017 which can be seen here:
now, if we apply this into markets' current price we can see we have a bullish pennant forming.
This shows a consolidation period before another bull run.
The previous move is almost an exact...
History tends to repeat itself. we can see a previous move which happened from may 2nd to may 8th before a continuation of the bull market.
This is playing itself out now
so, we can expect another drop to 7,200 before a steady incline, surpassing 10k to 13K which is where the media will go apeshit.
Here is the move which was copied