t1fordhorde

t1fordhorde

Yesterday, we saw BTCUSDT overthrow a major inflection point at $44.4k. However, it's butting up against a heavy resistance trendline on the daily timescale and looks likely to reverse. BTC is looking to take out the previous swing low at around $32.9k. It is there that classic bullish divergence will be created for a potential long term bottom. If no bottom is...

t1fordhorde

As we all saw, BTC broke out of its downward trending resistance before Christmas with low volume. Now, it has backtested the downward trendline and may be ready for a short term countertrend or something much, much bigger....

t1fordhorde

clear lower highs over the weekend, descending triangle usually breaks down RSIs on 1hr and 4hr no longer oversold the CME gap everyone keeps talking about is still there NOTE: there is a NEW CME gap above around 10.6k Measured move from break of weekend's descending triangle puts BTCUSD at 9.2k, which is an important support level and fib retracement level as well.

t1fordhorde

The final wave up in the Elliott pattern completed with demand ceasing at 12.5k USD. If BTC follows Elliott wave principles, it is due for a multi-month pullback to the 8-9k level. Important observations: 5-wave impulse completion Declining volume spikes CME futures gap at 9.6k USD MACD double top/bearish divergence Bearish wedge has developed Overhead resistance...

t1fordhorde

uptrending support, above key moving averages, market is bullish overall, good risk/reward buy

t1fordhorde

It is my current belief that the current upwards price action is caused, not by bullish momentum, but by a temporary short squeeze. With other global markets rallying, it was inevitable that BTC would follow suit. If global markets fail to continue rising, BTC will mirror this. If bitcoin was truly breaking out to start the next great bull cycle, there would be...

t1fordhorde

BTC broke out of the three-month uptrend last Thursday (11 June). It has been consistently putting in lower lows and breached 9k just days ago. BTC is targeting 8600 next. If no firm support is found there, market reversal may be confirmed.