After printing the M/Bat formation, price produced the reversal at least to the 38% level which is expected after a completion of these patterns.
However, price is showing strong rejection of this level and we seem to be headed back to the start of this leg. Looking from a smaller TF, we can see the possibility of a bear flag, which could make its way to the -0.618 level around 41-42k.
This has been an area of interest for me since we broke this level. Also, this area coincides to one of the respected trendlines from BTC. There are many technical analyses which show BTC coming down to this level, however as we know, this market doesn't purely run on technicals. Elon can make a tweet and we'll hit 80k by 9pm...
Something else I think we should watch is BTC.D, I will link my analyses along with charts in the comment section.
Let me hear your thoughts.
However, price is showing strong rejection of this level and we seem to be headed back to the start of this leg. Looking from a smaller TF, we can see the possibility of a bear flag, which could make its way to the -0.618 level around 41-42k.
This has been an area of interest for me since we broke this level. Also, this area coincides to one of the respected trendlines from BTC. There are many technical analyses which show BTC coming down to this level, however as we know, this market doesn't purely run on technicals. Elon can make a tweet and we'll hit 80k by 9pm...
Something else I think we should watch is BTC.D, I will link my analyses along with charts in the comment section.
Let me hear your thoughts.
Note
View from the 30m Note
Previous AnalysisBTC.D - Ascending Channel, finding support
Note
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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.
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.