#Bitcoin Update! MUST READ.
Major #Bitcoin Update!🤑
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Are we going to continue dumping? Find out in this post.
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In this post, I'll update on the possible reversal or dump targets. And we will also update on the Wyckoff re-accumulation pattern.
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Let's start with the daily (1st chart):
As I said in the quoted post below, $BTC went down and tapped the 0.618 fib and then shot back up, creating a bullish hammer candle on the daily time frame. The retest of the 20 EMA along with the 0.618 fib level is done.
One concerning thing I'm seeing here is that this pattern looks like an ABC correction pattern. If #BTC is in an ABC pattern here, then we'll break the yellow support zone and go lower, possibly to the 0.5 or 0.382 fib levels, before seeing a reversal.
In order to invalidate this, break the previous high of $68,486 and make a higher high. While doing so, we also want to see a breakout in the oscillator. Right now, we're on our way to face the moving average in it as resistance. Getting a rejection there will indicate a further downside possibility, and the ABC pattern is likely in play.
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Now let's move to the 4H (2nd chart):
On the 4H, I found a hidden bearish divergence, which indicates that the bulls are losing momentum and the bears will likely take over soon. In order to invalidate this, the same thing needs to be done: break the previous high.
If I see a rejection off of the 20 EMA near the 0.386 fib level and we never manage to break out of the 0.236 fib level, there'll be a good short opportunity. Right now, I'm waiting for the confirmation to enter this short and will update my clients if I get the confirmation.
The technical target down, if we lose the yellow zone on the 4H, is the 1.272 & 1.618 fib levels. You can see the price on the chart.
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Wyckoff Re-Accumulation Pattern Update (3rd & 4th charts):
The pattern is in the 3rd chart and in the 4th chart, I have drawn the pattern for you guys to see. And so far, it's following the pattern exactly. If you want a detailed explanation, read the detailed one on my feed
~
Thanks for reading, stay safe.🤝
#btc70k #Binance
~
Are we going to continue dumping? Find out in this post.
~
In this post, I'll update on the possible reversal or dump targets. And we will also update on the Wyckoff re-accumulation pattern.
~
Let's start with the daily (1st chart):
As I said in the quoted post below, $BTC went down and tapped the 0.618 fib and then shot back up, creating a bullish hammer candle on the daily time frame. The retest of the 20 EMA along with the 0.618 fib level is done.
One concerning thing I'm seeing here is that this pattern looks like an ABC correction pattern. If #BTC is in an ABC pattern here, then we'll break the yellow support zone and go lower, possibly to the 0.5 or 0.382 fib levels, before seeing a reversal.
In order to invalidate this, break the previous high of $68,486 and make a higher high. While doing so, we also want to see a breakout in the oscillator. Right now, we're on our way to face the moving average in it as resistance. Getting a rejection there will indicate a further downside possibility, and the ABC pattern is likely in play.
~
Now let's move to the 4H (2nd chart):
On the 4H, I found a hidden bearish divergence, which indicates that the bulls are losing momentum and the bears will likely take over soon. In order to invalidate this, the same thing needs to be done: break the previous high.
If I see a rejection off of the 20 EMA near the 0.386 fib level and we never manage to break out of the 0.236 fib level, there'll be a good short opportunity. Right now, I'm waiting for the confirmation to enter this short and will update my clients if I get the confirmation.
The technical target down, if we lose the yellow zone on the 4H, is the 1.272 & 1.618 fib levels. You can see the price on the chart.
~
Wyckoff Re-Accumulation Pattern Update (3rd & 4th charts):
The pattern is in the 3rd chart and in the 4th chart, I have drawn the pattern for you guys to see. And so far, it's following the pattern exactly. If you want a detailed explanation, read the detailed one on my feed
~
Thanks for reading, stay safe.🤝
#btc70k #Binance
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