Downward Triangle update
So yea lots of lines here, and I redrew my previous idea for a larger triangle just incase the 10.6k resistance breaks. I think that triangle is still valid but if it does break we just enter a larger triangle. Here we got upward and downward fib channels ATH fib (in white) and green fib (from 3.4K-13.5K) and we got a downward triangle forming with neckline at the 38.2 ATH fib retracement. Most importantly is the downward triangle forming If we are able to hit 11.3k level you can short, for a target of ~9.4k and if confirm on breakout a much lower target at ~6k. If you are long now I would probably close the trade, and take profits. We just had a 4 hour death cross, and we are below a box of resistance from ~10.8-11.5k and we are below the daily and 4 hour ema ribbons. Stochastic RSI on 4hr is bearish. Daily macD is converging bullish but 4 hour is bearish.
However we bounced off the 0% line of the upward fib channel. So the uptrend from 4k is not broken. However the NVT has put out it’s signal of a top on the daily. I'd only enter long at the 0% line on a tight stop loss.
I think the whales are cashing out of the ponzi. Patience.
Bitcoin has been compared to gold, but banks aren't buying bitcoin.
Good luck to you.
However we bounced off the 0% line of the upward fib channel. So the uptrend from 4k is not broken. However the NVT has put out it’s signal of a top on the daily. I'd only enter long at the 0% line on a tight stop loss.
I think the whales are cashing out of the ponzi. Patience.
Bitcoin has been compared to gold, but banks aren't buying bitcoin.
Good luck to you.
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