Last bit of hopium for the bulls..

Updated

Another way to re-draw the triangle for the bulls clinging on to that last bit of hopium for any remaining bags still being held on to.

..stop-loss to be set close below the red dotted line..

Continuing from previous analysis:

At the same time, consider the bearish scenario, earlier discussed here:

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Bouncing above the newly drawn orange descending support line, with the ichicloud turning bullish ahead on the 4 hourly.

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Bullish confirmation only if BTC breaks back above the now faced yellow descending line, presently acting as resistance on the hourly.

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Trapped within range of a widening wedge:

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BTC have just broken down. Bearish scenario likely to play out from now.

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Like with the fakeout above the sym triangle earlier, volume is low as well though.
Looks to be retesting the bottom of the sym triangle now. Need confirmation on the higher timeframe (i.e. at least 3-4hrs).

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Turned out to just be a wick below on the 3 hrly.
I've now faded the smaller sym triangle mid-line and re-highlighted the original larger sym triangle as shown:

As mentioned, always need to wait for confirmation on the higher timeframes, and ideally with volume confirmation + hopefully a retest.

The bulls had already tried their best to push above the sym triangle for a bullish reversal, however, there was just not enough strength for a follow through -- resulting in the earlier fakeout to the upside. Hence now the likelihood is still slanted towards the bears, within the backdrop of a bearish macro chart.

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The ichicloud has turned bullish on the 4 hourly though.
Reaching the end of the larger sym-triangle on the 9thJun2021.

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Note: By “bearish macro chart”, I meant it on the daily timeframe where a clear lower high and a lower low have been established from abt 14Apr21, after roughly 3 mths long worth of sideways consolidation. If BTC is to recover, it would require roughly the same amt of timescale to consolidate and re-establish bullish structure before an attempt to push higher again. As stated in my prev published chart, for me to become bullish again in the shorter term would require BTC to recover above 42k USD again.
However, on the wider macro timeframe, a bearish trend hasn’t been established yet, with the ichicloud remaining bullish. However, the 21 EMA now sloping downwards on the weekly and likely to be continued to be pulled down with BTC remaining at current price levels is not a good sign for the bulls.

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Just like how the bullish ichicloud had lifted BTC into a fakeout above the sym triangle. The bearish ichicloud is presently weighing it down.

cybernetwork

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