It seems two strong trendlines are coming to a clash in Bitcoin, the (red) downward trendline from the ATH and the Hyperwave phase 3 that it has been reinforced by numerous hits a long the way (Hyperwaves phases get stronger the more hits and intra-week penetrations they endure)
- Seems like the 200 MA and 50 MA on the daily candles won't be crossing before this clash occurs, so in my opinion this is a bullish sign.
- Also bullish is the fact that bitcoin has been making higher lows every time it falls (purple circles), both swing lows and candle closing.
- TD sequential count is on a 4, so that is bearish.
I've drawn two possible routes the price might take to reach the hyperwave phase 3 line by the weekly closing
I wouldn't trade right now to be honest, I'd wait for the outcome of the clashing of this two trendlines by tuesday or so.
- Seems like the 200 MA and 50 MA on the daily candles won't be crossing before this clash occurs, so in my opinion this is a bullish sign.
- Also bullish is the fact that bitcoin has been making higher lows every time it falls (purple circles), both swing lows and candle closing.
- TD sequential count is on a 4, so that is bearish.
I've drawn two possible routes the price might take to reach the hyperwave phase 3 line by the weekly closing
I wouldn't trade right now to be honest, I'd wait for the outcome of the clashing of this two trendlines by tuesday or so.
Note
To learn more about Hyperwave technical analysis, go to Tyler Jenks youtube channel:youtube.com/channel/UCLJxbdXt4jG9pSy79TMVQSw
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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.
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.