Sunset on BTC? - BitPig Terminal Setup
Updated
I've been both a BitBull and a BitBear recently. I've also been incorrect recently when subjecting my opinion in either direction. Thus, I am going with my most objective BitPig analysis today and providing what appears to be the most likely scenario. Although it is ultimately Bearish, I am not a Bear in this case. Just BitPig with a BitDream is all.
BTC may shock everyone with a sudden reversal soon. The pattern that appears to be forming is a type of terminal fifth wave that ends with a horizontal triangle and subsequent retracement back to the Wave 2 line in red.
Should this happen, we might see a much heavier selloff thereafter.
I'm expecting a sunset, but if the horizontal triangle gets broken to the upside, we could be seeing a new sunrise instead.
-BitPig Rises, BitPig Sets
BTC1!
BITBAY:BTCUSD
BITBAY:BTCUSDT
BITPANDAPRO:BTCEUR
TOTAL2
BTC may shock everyone with a sudden reversal soon. The pattern that appears to be forming is a type of terminal fifth wave that ends with a horizontal triangle and subsequent retracement back to the Wave 2 line in red.
Should this happen, we might see a much heavier selloff thereafter.
I'm expecting a sunset, but if the horizontal triangle gets broken to the upside, we could be seeing a new sunrise instead.
-BitPig Rises, BitPig Sets
BTC1!BITBAY:BTCUSD
BITBAY:BTCUSDT
BITPANDAPRO:BTCEUR
TOTAL2Trade active
May take a short here. Drew a 5-min landscape for reference in case I or anyone feels like potentially catching a top here:Trade active
Here's a fractal-based longer-term projection on the weekly and monthly scales. The general fractal is occurring at all times, but the longer timeframes are "slower" to complete the entire sequence than their "faster" lower timeframe counterparts:Note
*Daily and Monthly. No weekly data in any chart above.Trade active
Instead of cryptocurrency, I would keep an eye on gold and silver. Severely oversold, both have been waiting quietly for stocks and bitcoin to trip up.Both will explode since all this printed dry powder has to go somewhere, and there is legitimately nowhere else to go.
Because of this convergence and the unbelievable lack of supply (especially silver), no reason to think these cant do something similar per oz as BTC has per coin.
Trade active
Gonna short again today.. ..looks like an inverted cup % handle --> powerful bearish chart pattern
Trade active
Some paths to follow:Trade active
Looks like the top-most path is our guy.Don't see why the ~37k target can't hit between tonight and tomorrow.
Let's see..
Trade active
For those still grinding.. anotha one:Trade active
Expecting it to break down out of this wedge now, right on schedule.Trade active
Adding half to my total short position now.Trade active
now max short position. see you down there.Trade active
Update: Max Short Position UnchangedTrade active
Havent covered yet, dont plan to below new all time high, not scared by this "bitcoin" thing.Trade active
My sincere advice is to either:1) take a short at the last bounce to complete the e wave, or,
2) do nothing
Highly suggest not buying for some time, but do what you will.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.