Bearish Pivots and RSI on the H4. Dip likely incoming.

Updated

I like simple charts and this one is pretty simple. Lower highs on the RSI and bearish pivot candles seem to point to further consolidation prior to a true ATH breakout and a run later this year. Targets are 60k and if shit gets really ugly, 50k. Hopefully we trade in a nice 15k range for a while and get a great alt season before BTC goes on to the inevitable 6 figures.

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I mean, looks even uglier now, but this is bitcoin and ya just never know how unrealistic the buying (or the selling) is gonna be.

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I do think its getting close though, and when the tide turns it will be panicky.

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The absolute bare minimum I'm expecting is a wick down into the 56k area. Don't think low 40s is out of the picture though, on the weekly, that looks not only possible, but even likely.

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D, 3D, and W candles currently look extremely ugly. I will be watching how they close. Didn't wick down into the 56k area last time, it definitely will this time. I still think 40k range looks likely on the weekly.

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Getting close finally I think. Expect a tag of 56-58 in the next two weeks and bounce. What happens in the upcoming month or two is the real question. If 56-58 holds, bull market continues later this year. If we retest 50 or lower, I think we wait until 2025 for the real fun.

Trade closed: target reached

This idea is closed. I rebought from 56-58k. We will see what the future brings.

ITradeEverything

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