BTC/USD Possible Bearish Butterfly strategy possibility
Updated
Well, it's that time again, when everyone on the planet and the community on Tradingview all have similar ideas on how BTC will react in the coming weeks/months. Despite the bears and bulls, what they are saying is both right in my opinion in terms of BTC's optional movements. Direction-wise it continues to be a mystery for the time being but here is the catch... and fact, The Bull market is around the corner. BTC going down at best in my opinion will only be a macro retest and personally, the 200ma on the weekly will be a pivotal zone and will probably be the catalyst for the bull run in 2024. Not to mention the halving coming soon as well, it's all just too perfect in my eyes.
In any case, I have not found any indicator squeezes on my TTM Squeeze but instead, the structure says it all. No need for Bollinger bands here. I think.. the integrity of what my chart implies is not out of the question, but no matter how you spin it, it's all the same. BTC is sitting at a decision point to retest the lower zone giving the market a deep breath before going to space basically or it breaks higher and start's early and the halving causing even more volatility possibly to the upside creating a super trend.
My chart implies a confluence in between what is possibly I giant bull flag, or it failing downwards as an Ascending Triangle on the weekly which meshes into the idea of a Bearish butterfly or like what happened in the last pre-bull market, where we had a similar shape on the macro and instead broke highs and the volume wells around the 20k area had no history and no structure therefore BTC had a rocket in 0 gravity above 20k. Side note I did put in this time a stop loss, it's a bit.. far tbh, but I just stretched it out to the highest part of the level above us macro-wise. One thing I am interested in is.. if there is a fakeout... how strong it will be... to what side and how slow or fast will the distribution of the price action be. Anyway, I'm neither long nor short, but I would like my cryptos at a discount.
-Confluence analysis
-Failure of Bull Flag = Bearish Harmonic Butterfly at work
-Bull flag success = Failure of Harmonic Butterfly.
-Both ideas include equal pump and dump in value and percentage.
In any case, I have not found any indicator squeezes on my TTM Squeeze but instead, the structure says it all. No need for Bollinger bands here. I think.. the integrity of what my chart implies is not out of the question, but no matter how you spin it, it's all the same. BTC is sitting at a decision point to retest the lower zone giving the market a deep breath before going to space basically or it breaks higher and start's early and the halving causing even more volatility possibly to the upside creating a super trend.
My chart implies a confluence in between what is possibly I giant bull flag, or it failing downwards as an Ascending Triangle on the weekly which meshes into the idea of a Bearish butterfly or like what happened in the last pre-bull market, where we had a similar shape on the macro and instead broke highs and the volume wells around the 20k area had no history and no structure therefore BTC had a rocket in 0 gravity above 20k. Side note I did put in this time a stop loss, it's a bit.. far tbh, but I just stretched it out to the highest part of the level above us macro-wise. One thing I am interested in is.. if there is a fakeout... how strong it will be... to what side and how slow or fast will the distribution of the price action be. Anyway, I'm neither long nor short, but I would like my cryptos at a discount.
-Confluence analysis
-Failure of Bull Flag = Bearish Harmonic Butterfly at work
-Bull flag success = Failure of Harmonic Butterfly.
-Both ideas include equal pump and dump in value and percentage.
Note
This is just what I think is going on in respect to daily price action, looks like an ascending triangle to, steep though.
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