BTC bulls have been very excitable recently but BTC has not yet done anything outside of a common bull trap norms.
The rally to 95K was perfectly inside the scope of a correction, see below idea;
Now we're into the biggest test area so far;
We have a possible butterfly (corrective pattern).
We have a possible 76 retracement (Corrective pattern)
We have a retest of the logical resistance (Corrective pattern).
If BTC is able to break through these this would be extremely positive. There's be no classical bear case to be made and failing funky bull traps this would likely develop into a good trend leg.
But if it's a bull trap, then this rally helps us to plan the downside levels (Which have not changed much).
The rally to 95K was perfectly inside the scope of a correction, see below idea;
Now we're into the biggest test area so far;
We have a possible butterfly (corrective pattern).
We have a possible 76 retracement (Corrective pattern)
We have a retest of the logical resistance (Corrective pattern).
If BTC is able to break through these this would be extremely positive. There's be no classical bear case to be made and failing funky bull traps this would likely develop into a good trend leg.
But if it's a bull trap, then this rally helps us to plan the downside levels (Which have not changed much).
Trade active
Case for a top is locally supported by the possible 1.61 head fake. Note
We're close to the first real testing point of the uptrend. If this is a correction in a bull move, we probably have a little more to go but find support on the 76.
And if the 76 fails, then the odds of a topping move having happened increase.
Note
All this analysis is a bit overkill, to be honest. When it comes to BTC, a simple "Look Left" analysis would suffice.
This is obviously the important zone. What happens here probably determines the fate of the BTC trend over the next 6 months.
We may be inside of a crash event to 3000 in SPX.
Read the full case with backlog of historic analysis/forecasts here: holeyprofitnewsletter.substack.com/p/the-case-for-3000-in-spx
Read the full case with backlog of historic analysis/forecasts here: holeyprofitnewsletter.substack.com/p/the-case-for-3000-in-spx
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.
We may be inside of a crash event to 3000 in SPX.
Read the full case with backlog of historic analysis/forecasts here: holeyprofitnewsletter.substack.com/p/the-case-for-3000-in-spx
Read the full case with backlog of historic analysis/forecasts here: holeyprofitnewsletter.substack.com/p/the-case-for-3000-in-spx
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.