BitcoinLong
$BTC Bitcoin Possible 3 drives / Dragon
Updated
BTC possibly drawing a nice 3 drives pattern. We broke below out closing high from November 25, 2020 and now we have bullishly engulfed back above it and might be setting up a nice 3bar play, bullish continuation candle stick pattern.
Too early to be sure but we HAVE put in another drive of bullish divergence on both the RSI and MACD (not pictured) and a positive reaction.
Should we attempt a go at the lows once again, ive labeled the 1.13 rejection zone that is commonly tested following a wyckoff accumulation range and with a proper spring event, would in my opinion, confirm that for us.
This is also confluent with the idea of a larger shark, and the idea of a Leading diagonal (Elliot Wave).
Still have a partial position from our original entry, attached to this chart.
Too early to be sure but we HAVE put in another drive of bullish divergence on both the RSI and MACD (not pictured) and a positive reaction.
Should we attempt a go at the lows once again, ive labeled the 1.13 rejection zone that is commonly tested following a wyckoff accumulation range and with a proper spring event, would in my opinion, confirm that for us.
This is also confluent with the idea of a larger shark, and the idea of a Leading diagonal (Elliot Wave).
Still have a partial position from our original entry, attached to this chart.
Note
Worth noting, BBWP is preparing to expand, while STOCH is attempting to cross over bullishly. Should the bullish divergence continue to play out, and RSI continues to grow, we could see a nice impulsive move back to the top of the range to test resistance at the least.
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