The upside pop has slumped significantly and this action now looks to be further coiling as part of a cause building channel.
We could call this a Wyckoff Inverted Creek, ascending channel, bear flag etc.
Whichever we choose, the trajectory is very limp and this appears to be building cause for a downside impulse wave.
Previous bounces have failed at the 0.786 retracement and that appears to be the extremity failure ratio for the entire downtrend.
It has already climbed to the 0.618 of the retracement Golden Window...
So it still has some space to move up and yet again pivot around the 0.786.
And so perhaps we may see another push up.
At terminal high time frame pivots we often see a fast whipsaw; up and down and perhaps that may happen here.
Or having already hit the retracement Golden Window and considering the limp trajectory, perhaps this will simply roll over.
Its not really possible to know either way; either an upside shakeout or it just rolls over.
But for anyone daring enough to short, the 0.786 @ $90.6K would be the retracement ratio extremity of the trend so far.
If an upper wick did print there, then that would be an ideal moment to enter a short either in Bitcoin, or perhaps a weaker related coin / stock.
Staying flat can be a good option as shorting is dangerous; especially in month 28 of the supposed holy 35 month bull market.
That said, if we did get the whipsawing outcome at the 0.786 then I may gently open some short positions.
Bitcoin may well be a leading indicator to the stock indexes that have yet to print anything bearish since the bounce.
If it is a leading indicator and stock indexes do enter another another wave down then we may see significant impulsive downside
For that reason altcoins are particularly dangerous in this area.
Of course, this is the area that Altseason should be kicking off if Bitcoin is to fulfil the prophecy of another 35 month bull market.
But as I covered in the video update yesterday, perhaps there has only been one 35 month bull market last cycle and the previous one actually being 28 not 35.
This would mean that the cycles are actually extending.
Therefore this current bull market could be longer; 42 - 45 months which would allow time for a significant bearish phase and still have time for Altseason.
For simplicity, this is a great moment to watch and see how it unfolds with capital either in the "bank" of Bitcoin or fiat $£€ 🧐.
Not advice
We could call this a Wyckoff Inverted Creek, ascending channel, bear flag etc.
Whichever we choose, the trajectory is very limp and this appears to be building cause for a downside impulse wave.
Previous bounces have failed at the 0.786 retracement and that appears to be the extremity failure ratio for the entire downtrend.
It has already climbed to the 0.618 of the retracement Golden Window...
So it still has some space to move up and yet again pivot around the 0.786.
And so perhaps we may see another push up.
At terminal high time frame pivots we often see a fast whipsaw; up and down and perhaps that may happen here.
Or having already hit the retracement Golden Window and considering the limp trajectory, perhaps this will simply roll over.
Its not really possible to know either way; either an upside shakeout or it just rolls over.
But for anyone daring enough to short, the 0.786 @ $90.6K would be the retracement ratio extremity of the trend so far.
If an upper wick did print there, then that would be an ideal moment to enter a short either in Bitcoin, or perhaps a weaker related coin / stock.
Staying flat can be a good option as shorting is dangerous; especially in month 28 of the supposed holy 35 month bull market.
That said, if we did get the whipsawing outcome at the 0.786 then I may gently open some short positions.
Bitcoin may well be a leading indicator to the stock indexes that have yet to print anything bearish since the bounce.
If it is a leading indicator and stock indexes do enter another another wave down then we may see significant impulsive downside
For that reason altcoins are particularly dangerous in this area.
Of course, this is the area that Altseason should be kicking off if Bitcoin is to fulfil the prophecy of another 35 month bull market.
But as I covered in the video update yesterday, perhaps there has only been one 35 month bull market last cycle and the previous one actually being 28 not 35.
This would mean that the cycles are actually extending.
Therefore this current bull market could be longer; 42 - 45 months which would allow time for a significant bearish phase and still have time for Altseason.
For simplicity, this is a great moment to watch and see how it unfolds with capital either in the "bank" of Bitcoin or fiat $£€ 🧐.
Not advice
Note
I also made a weekend video for TradingView that I have linked to this thread - enjoy 👍.If you like my content then you can show your support by hitting the BOOST.
Comments welcome; I can answer any technical questions.
Note
Bitcoin is looking close to rolling over.Notice the shakeout through red 4H200MA and RSI trending down in advance.
Stock indexes bearish as regular trading hour markets open 🧐.
Note
Any questions?Note
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Your FA guru can't read a chart💭
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I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
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.
Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
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.