nativetulip087

nativetulip087

A momentous move upwards has provided a new all time high, with a brief period of exciting price discovery. Factors now point to corrections in the short term, with potential for a prolonged move downwards. The first Short Position depicted shows the entry as a rejection from retracements of the ATH. It seems highly plausible that this rejection develops as a...

nativetulip087

After the long phase of correction and consolidation throughout Q2/3, Bitcoin has pushed into retracement levels. A strong rejection from ~.702 has led to an ABC correction, bringing us to test critical support levels. Our current test - Range top from late May - early August. Should this level fail as support, a test of the 0.236 ($37,342) appears...

nativetulip087

With price (44,300) currently hovering above the 20W Moving average (43,370), a test is suggested to be imminent. 3 Possible scenarios: 1. A test does not come for the foreseeable future, this would indicate an unsustainable rally to retracements .618,.702 and .786. (20%) 2. The 20W MA is tested in the next 2 weeks. This test fails and we see a weekly...

nativetulip087

The DXY continues to struggle against retracements of the October 2020 fall. The critical .786(93.21) and and 93.43 pose extreme resistance. Should a move in the short/mid term break these levels, a test of the 0.5(crash of 2002) is plausible. Long term outlook remains strongly bearish. Short order is placed to show theoretical levels of trend reversal.

nativetulip087

After a significant move to the upside, thanks to short liquidations, BTC:USDT finds itself struggling to break various significant milestones. A retracement of the current local high ~$40,500 has broadened resistance levels, and enabled the convergence of the .702 and 21W EMA. This convergence is expected to pose extremely strong resistance. We can therefore...

nativetulip087

DXY broke above key target ~92.68, but was strongly rejected by the ascending trendline. (as per previous idea) DXY is currently in open space, leaving some uncertainty for BTC. Extension from the 20W SMA has touched local lows, with potential to revisit further lows of late June. With BTC nearing strong support $31,000, we can assume any continued downside in...

nativetulip087

The DXY is expected to breakout by 02-07. The direction of momentum is yet to be decided, with both options shown on the top chart. DXY movement may base around trend lines, colour-coded from red-green. (Orange = Weakest, Green = Strongest) Bitcoin is expected to react to either movement. An Upside break for the DXY would suggest a further test on the $31,000...

nativetulip087

Confirmation of the support level (~$32,200) flipping to resistance indicates downwards momentum in the short term. A 4hr close underneath the support/resistance would confirm the flip, bringing the target to ~$31,000. Longs from this point should be validated. Comments will indicate entry price, Expect a move to the $31,000 level within the next 12 hours.

nativetulip087 Updated 

Longs open after 4hr close above $31,100 Support level Targets; $34,700 ~$40,000 Short term longs: Valid

nativetulip087 Updated 

Chart depicts the three most probable outcomes IMO. Potentially multiple attempts to break $42,000, similar with 0.5 Fib level. Structures suggest long-term holds still valid. Should we break to the downside from this pennant, a re-test of local low: $30,000 becomes probable.