Indeed it has been a few months since my last analysis on $BTCUSD.
I recall my Nov20/Dec20 bearish sentiments (link to idea below) -- whom
BTCUSD smashed in the face promptly, retracing 23.6% to $14.5k, before rallying to new ATHs (
42K).
And whenBTC rallies, I dare not put a pin on its strength, because it is such a mighty, unpinnable beast.
But alas, even the beast is grounded within days by a certain Janet Yellen, insinuating stricter regulations on crypto.
She may have won the battle, but the war, my fellow fools (if I may address us all correctly), is far from over.
On the 1D charts,BTC is exhibiting strengths (intense support region between 38.2%~61.8% fib levels) and weaknesses (multiple H&S patterns, short term bear trend).
Exhibiting a midterm trendy Corrective Wave [2] movements, made up of Corrective Waves (A), (B) and (C), we can expect volatility in the coming weeks.
In the near term, price action will be sure to test 38.2% retracement support at $27.4k. A safer bet would be to wait and see by the sidelines.
FOOL's SUMMARY
Corrective Wave [2], on the Cycle degree, underway. TP: $18.4k (61.8% fib level). Risk/reward: 40% probability.
Corrective Wave (A), on the Intermediate degree, underway. TP: $27.4k (32.8% fib level). Risk/reward: 65% probability.
Enjoy! 🤓
I recall my Nov20/Dec20 bearish sentiments (link to idea below) -- whom
BTCUSD smashed in the face promptly, retracing 23.6% to $14.5k, before rallying to new ATHs (42K).And when
BTC rallies, I dare not put a pin on its strength, because it is such a mighty, unpinnable beast.But alas, even the beast is grounded within days by a certain Janet Yellen, insinuating stricter regulations on crypto.
She may have won the battle, but the war, my fellow fools (if I may address us all correctly), is far from over.
On the 1D charts,
BTC is exhibiting strengths (intense support region between 38.2%~61.8% fib levels) and weaknesses (multiple H&S patterns, short term bear trend).Exhibiting a midterm trendy Corrective Wave [2] movements, made up of Corrective Waves (A), (B) and (C), we can expect volatility in the coming weeks.
In the near term, price action will be sure to test 38.2% retracement support at $27.4k. A safer bet would be to wait and see by the sidelines.
FOOL's SUMMARY
Corrective Wave [2], on the Cycle degree, underway. TP: $18.4k (61.8% fib level). Risk/reward: 40% probability.
Corrective Wave (A), on the Intermediate degree, underway. TP: $27.4k (32.8% fib level). Risk/reward: 65% probability.
Enjoy! 🤓
Note
BTCUSD looks likely to complete a flat (5-3-5) Corrective ABC rather than a ZigZag (3-3-3).Let's hope price action retest ATH as we await more confirmation on price action.
If it's any consolation, take profits at the top, and prepare for the dip, has the highest probability of playing out.
Although the opportunity to break
42K and go parabolic again is present, I do not believe that that time is now, at least not before any sort of price compression in the midterm.
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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.