BTC PERSONAL ANALYSIS IN THE SHORT TERM (UPDATED)

5 lug 2022

The current evaluation for the BTC asset is bullish. Please be reminded that such evaluations are only derived from market structure and price action with respect to previous support & demand levels as well as fundamentals. Below are the several key points to which I am convinced we are in a bullish rising wedge formation in the process of an eventual breakdown:

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b]Bullish Indications

• Descending Triangle Breakout or should be much more extended for a much larger timeframe.
  
• Falling Wedge Pattern Breakout which is the target is on the previous rejection level 22,000$
  
• Bullish Divergence on the Daily RSI
  
• Overbought Levels in the 1H-4H timeframe which would indicate that the next wick of overbought levels should be in a form of a bearish divergence, but higher high in price action.
  
• In anticipation for the FED meeting and CPI report release this month, the prices will more likely be bullish up until to that point where we could see a potential breakdown.
  
• Neutral PCE Report
  
• Failure to break 18,600$ forming a double bottom formation on the higher-high from 17,600$.
  
• Smart Money Futures are bullish.
  

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Bearish Indicators

• Adjusted or Extended Macro-Descending Triangle (will be completely invalidated once we visit 24k)
  
• Formation of a Macro-Rising Wedge (still in the process)
  
• Overall Downtrend both Smart Money Markets and Crypto
  
• Potential High Inflation Report from CPI and increased rate-hike response from FED
  
• Exchanges such as Celsius, Voyager and Vauld halting withdrawals, deposits, etc.
  

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-Wamses

5 lug 2022

Trade chiuso manualmente

Closed graph due to sudden DXY pump and EURO tumbling down causing positive smart money futures to dip as well. Confirmed the 20,400-20,500$ to be more bearish and a bulltrap.