BITCOIN - Could Be A Bearish Shakeout

14 nov 2023

Yesterday's candle just closed is a bit of a clue that BTC may be printing a bearish liquidity shakeout up through the Demand line.

RSI printing some bearish divergence and has slumped down. It is another warning signal.

Still early days here but I am taking some profit on plenty of altcoins.

I am bullish in higher time frame until BTC hits 174K but I think we may see a pull back here.

And many altcoins that have pumped hard may see some dump action.

Its still early to call here and if it can hold above the trendline then it may be fine, but its flirting with danger here and if it falls through the Demand Line then we may see some prolonged bearish action.

Going into much more depth in tomorrow's video 😉.

Btw do check my EPIK trade if you like altcoin pumps; a real winner - taking profit today.

Not advice.

14 nov 2023

Nota

Boom 💥.

16 nov 2023

Nota

Another slump is probably close to snuffing out any short term bullishness in this area.

This RSI is rolling over and if it slumps below the Extremity Demand line then it will be much more probable that a pull back is on.

Considering a pivot low; $31818 support would be a re-test of the previous corrective area and so there will be plenty of liquidity there to attract price.

Also the 50 week moving average is curling up.

We'll see what happens here first. It could yet also have a short term pump but overall it is looking weak.

16 nov 2023

Nota

Up on the 2 day chart, we can see that the pump then slump is expressed as an upper wicked candle that may become a shakeout through the demand lines.

If it goes much lower without first recovery then a significant pull back may arrive sooner 🧐.

17 nov 2023

Nota

And so the 2 day candle did close to print a SRP Shakeout through the Demand Lines and that is a Shooting Star candle.

So this now has quite a bearish look and there is not much for team bull in the short term.

This could yet take some time and trickle in a shallow ascent of it could slump sooner, but either way t looks like the next impulse candle will be down not up.

Not considering moving averages it is logical for this to re-test Support because that is where the liquidity is and although it was a nice pump, BTC is still in range to have another 12% pull back and wipe out some over leveraged optimists.



There are other possible liquidity landmarks to catch the next pivot.

It could also be the yellow 50 day moving average that catches the low if BTC prints a shallower retracement 🧐.



Its worth considering here that many altcoins are now having significant pull backs with bearish momentum candles printing before BTC has even broken down from this shallow ascent.

That might be a clue that we will see some deep pull backs 🤔.

See my ARB linked thread (and perhaps others) as an example of this.

18 nov 2023

Nota

Down on the 1 hour chart...

As I said; there could be minor shakeout bounces, but this price action is very limp to the upside and that should be a sign of weakness.

Notice; rising lows but the highs are finding resistance printing minor shakeouts at the Extremity Demand Line.

This is the opposite of what we have seen in corrective areas since February where there were only descending channels followed by bullish impulsive price action.

And so most likely we will also see the opposite continuation with this weak ascent leading to a significant bearish impulsive wave 🤨.

19 nov 2023

Nota

Bitcoin looks to be popping out of an accumulation here in the green circle.

And I am buying back into altcoin positions on the dip here.

This could yet fall but there is also the possibility that it can be an exotic continuation pattern and many altcoins have dropped off so its time to buy those - such as ARB that I posted earlier could drop off a bit more but its a good dip buy already here.

If Bitcoin can have a good pop here it can change the tone of this area.