Short

BTC CME an interesting pattern

Updated

Last night I was looking into BTC to short my position and my eyes bumped into this interesting pattern.

So whenever BTC made a gap in bearish wave/impulse. That wave ride upto 54-60% everytime.

I saw this 3 times already and this is happening now at the moment of writing too.

And what make it more interesting is which happened first time there are two gaps in a bearish impulse.

So if we calculate the 60% drop it get us a target of 12680 and the last gap of CME is at 9735 maybe a sudden wick and it will be closed.

Note

Let me explain to get you a better view.

1. The red lines which behave as resistance, resistance and then converted to support and that's where BTC always find its bottom which also accommodated by weekly moving average 200-300
2. The same thing is in progress here resistance, resistance and now BTC converting the same line into support.
3. Now lets plot 9735 and voilla what we see is classical market pattern.
3.a. Thats 2017 ATH and after correction in 2019 BTC try to flip but failed
3.b. In Sep 202 it successfully converted to support and 2021 rally begins.
3.c. So market need to come to test it again as support

Now the confluence there is so much
1. The flipped support
2. weekly moving average 500
3. 2021 ATH line which will be support for BTC

I hope you will now understand it why we are targeting 9735. And lets not forget this is the first time BTC going to test its flipped support it can also fail and push the price below 9735 too who knows.

Note

Another way to see it

Note

And they say we stretched it. On first block its already 50% and on second block its 37% done so far...

Let us know who we help you to get not rekt.

Note

Note

I posted this somewhere else while debating over BTC Pump. THe blue line from daily fib channels we have and the red line is coming from the Bearish Pinbar and so happened the blue line which ofc is from daily give it more strengthen. If it broke above blue line there are two more resistance and then you can buy your short position on yellow and green

Note

Found the debate

BlackBirdTrading

💎 Let's Connect:
👑 Telegram - t.me/blackbirdtradin
👑 Discord - discord.com/invite/427un9969m

Also on:

Related publications

BTC what is coming 2

by BlackBirdTrading

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.