Short Term BTC Upside is Limited

1 nov 2022

The upside for bitcoin looks to be running out of steam. With a strong divergence on RSI and a wave count that favors downside impulsive move, it looks as though bitcoin - at least for today will see lower pricing. If the immediate swing low doesn't hold, we could likely assumed a wxyxz pattern will not hold and that these are all impulsive waves to the downside; which looks to be the most likely scenario here.

I wouldn't want to assume that bitcoin has started a bullish reversal as of yet. Let this range play out some more since several bitcoin brokers disagree on the pricing of the last big down move towards 18k.

Stick with a conservative bearish bias, knowing if we make a new high in the short term - it's likely limited. Then take it day by day for when price moves lower, because medium term (1-2 weeks) pricing could create new yearly lows, but it likely won't be long lived either. Long-term i am bullish, short to medium term i am bearish - due to wave counts and rsi.

1 nov 2022

Nota

breakout soon

2 nov 2022

Nota

wxyxz just confirmed, so expecting another high

2 nov 2022

Nota

3 nov 2022

Nota

long got taken out at breakeven. But there may be another opportunity here for price to give up as long as it gives confirmation.

3 nov 2022

Nota

looking for a possible ending diagonal here to eventually go long

3 nov 2022

Nota

trade at breakeven

4 nov 2022

Nota

Price reached upside target. Very possible it stays strong, so wait for confirmation for short