On the previous analysis we commented on how Bitcoin could make another high, however - the upside is limited. After rejection from the weekend and a recent break of structure to the downside - it is pretty much confirmed for lower movement in the Bitcoin price.
Look for solid zones to short from, as directionally - the downside is the most likely in this scenario. Especially with traders becoming overly optimistic. Pattern wise, this looks like an ending expanding wedge. Wave count wise this looks to be a very clear ABC to the upside with a wedging B wave.
RSI is also overbought with divergence. Buying is much more dangerous than selling at this point despite the recent uptrend.
Look for solid zones to short from, as directionally - the downside is the most likely in this scenario. Especially with traders becoming overly optimistic. Pattern wise, this looks like an ending expanding wedge. Wave count wise this looks to be a very clear ABC to the upside with a wedging B wave.
RSI is also overbought with divergence. Buying is much more dangerous than selling at this point despite the recent uptrend.
Nota
Nota
Nota
price looking more likely to continue downward sell than bounce from this formation. Big sell off in play.Trade chiuso: obiettivo raggiunto
downside target reached. Wait for development in price to determine upside move. May take a few days.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.