BTC emulating structure from ATH moves Feb-May
Updated
I know that it's dubious to compare a 1 day chart to a 4 hr chart, but I'm seeing the same exact 4 peak pattern we saw when BTC made it's moves to all time highs a few months back. Each with 4 consecutive lower high peaks on RSI giving us some bearish divergence.
Notice how the green and red lines of peaks and valleys correspond to each other almost perfectly. I see this playing out like a head and shoulders, with short entries put in at confirmation from rejection of neckline (red boxes.)
Targets are the fib levels you see on the bottom in the 32-34k range. As much as I would love to see a 30k btc again, I think this last run was a wake up call to people who've been too bearish. I'll be DCA'ing long term BTC positions very heavy through this next downward move if this plays out.
Notice how the green and red lines of peaks and valleys correspond to each other almost perfectly. I see this playing out like a head and shoulders, with short entries put in at confirmation from rejection of neckline (red boxes.)
Targets are the fib levels you see on the bottom in the 32-34k range. As much as I would love to see a 30k btc again, I think this last run was a wake up call to people who've been too bearish. I'll be DCA'ing long term BTC positions very heavy through this next downward move if this plays out.
Note
So far playing out as expected. Waiting for 4 hour close and rejection under 37.5 for confluence, if not we could go right back up.Order cancelled
Invalidated. Price reversed from neckline.Next resistance 41k then 42.5-43k where local high meets 20 wk moving average. What btc will do at 42.5-43k will be pivotal
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