RSI matched to momentum of previous bullish waves is showing overbought rating, and we can see three distinct pushes (0-1,2-3,4-5) on lower timeframes that match the criteria of an elliott wave pattern. should see a drop to support soon, possible complete retrace to 70k but i don't see BTC dropping below 70k now. It was like silver's controlled value - now it's broken through, the market is unlikely to drop back. That said, higher timeframes are showing a potential cap on BTC value which is definitely worth considering in the long term
Trade closed: stop reached
BTC has now fallen through a threshold of 0.9 std-devs on the 30 min chart using a similar timeframe offset BB of length 20 - while this is not an established technique for trend analysis, it has proved vital in my limited experience at indicating the end of a push. This might be a pivotal moment for btc - that said im obviously not a professional at this. I will publish a new idea if my automated strategy with profit factor 3 gives me a close signal
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.
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.