Going into the mid term here - I am bearish on BTC.
There is still a small possibility they try and push it to 45k before dumping IMO.
It still looks highly probable that they go ahead and retrace it from here.
We hit the .382 retracement from the top, and we were rejected from it.
We are still bearishly diverging on the MACD and RSI on the 4 hour, and many higher time frames.
The MACD is solidly negative on the 4 hour and many high time frames, too.
42k is still critical resistance within the sandbox to me, too - and we wicked off of the .382 which is 42.5k.
Oh, and volume - we haven't had much volume on this up move. Not exactly bullish.
The Dollar Currency Index also looks like it is trying to move up in the mid term IMO, and that is bearish for BTC and crypto.
So, we may fill the gap which is between 32.5k to about 34.5k I think. 36.5k is a major support that would need to hold if we don't want to go into the low 30's. Of course, 34kish look probably too, as that is the .618.
I linked my two recent and previous ideas to this one.
Thank you!
There is still a small possibility they try and push it to 45k before dumping IMO.
It still looks highly probable that they go ahead and retrace it from here.
We hit the .382 retracement from the top, and we were rejected from it.
We are still bearishly diverging on the MACD and RSI on the 4 hour, and many higher time frames.
The MACD is solidly negative on the 4 hour and many high time frames, too.
42k is still critical resistance within the sandbox to me, too - and we wicked off of the .382 which is 42.5k.
Oh, and volume - we haven't had much volume on this up move. Not exactly bullish.
The Dollar Currency Index also looks like it is trying to move up in the mid term IMO, and that is bearish for BTC and crypto.
So, we may fill the gap which is between 32.5k to about 34.5k I think. 36.5k is a major support that would need to hold if we don't want to go into the low 30's. Of course, 34kish look probably too, as that is the .618.
I linked my two recent and previous ideas to this one.
Thank you!
Trade active
Note
I guess maybe we will backtest the trendline before the next level down.Trade active
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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.