Are the bulls about to get slaughtered?
Updated
Hello everyone!
So, Bitcoin exploded today! We're SO BULLISH! NEW ATH IN 2 DAYS!!!!!
Has anybody learned ANYTHING about this market!?
While the permabulls on social media are celebrating, I'm wondering why.
We are closing this daily DIRECTLY underneath pennant resistance.
We now look to have completed a full 5 waves upwards with an ABC soon to follow.
Death cross on the weekly. (WHY is literally noone talking about this?)
MASSIVE hidden bearish divergence in the RSI, that continues to grow stronger. (I've been talking about this for days now.)
Daily is getting rejected at almost exactly 70 RSI. (Another higher high in the RSI while price continues to print lower highs.)
Weekly RSI is situated right at 40. This is the first test of RSI 40 on the weekly since we broke below it.
Fib timezone predicted this weekly candle to be green, and there is another fib timezone immediately after this weekly candle. Guess what should come next? Psychology 101: Induce hope to induce maximum pain.
What happened last time we had this divergence?
Mr. Renev has an excellent post on this, which can be seen here:
So, if we fail to close a daily candle above $4,070 by next weeks candle, we're going DOWN. And that's IF we don't have a rejection starting today. Look for price to breach the 3.618, IF it happens, that is a strong sign of continuation.
Bulls, what are you celebrating for? This looks to be close to the end of the road for now. If SOMEHOW we are able to create a higher high, then and ONLY THEN will I turn bull. At that point, a 6k target or higher is not unreasonable.
Fair warning, I still believe we may see some more upside before this thing turns around. We have until the weekly close to make a higher high.
Until I see a higher high I am BEAR and would suggest SHORTING this thing into the ground. If pennant support fails to hold once we get there, we're looking at $3,151/$2,450 for our next stop.
Get ready for some alt rallies, bois.
Good luck.
So, Bitcoin exploded today! We're SO BULLISH! NEW ATH IN 2 DAYS!!!!!
Has anybody learned ANYTHING about this market!?
While the permabulls on social media are celebrating, I'm wondering why.
We are closing this daily DIRECTLY underneath pennant resistance.
We now look to have completed a full 5 waves upwards with an ABC soon to follow.
Death cross on the weekly. (WHY is literally noone talking about this?)
MASSIVE hidden bearish divergence in the RSI, that continues to grow stronger. (I've been talking about this for days now.)
Daily is getting rejected at almost exactly 70 RSI. (Another higher high in the RSI while price continues to print lower highs.)
Weekly RSI is situated right at 40. This is the first test of RSI 40 on the weekly since we broke below it.
Fib timezone predicted this weekly candle to be green, and there is another fib timezone immediately after this weekly candle. Guess what should come next? Psychology 101: Induce hope to induce maximum pain.
What happened last time we had this divergence?
Mr. Renev has an excellent post on this, which can be seen here:
So, if we fail to close a daily candle above $4,070 by next weeks candle, we're going DOWN. And that's IF we don't have a rejection starting today. Look for price to breach the 3.618, IF it happens, that is a strong sign of continuation.
Bulls, what are you celebrating for? This looks to be close to the end of the road for now. If SOMEHOW we are able to create a higher high, then and ONLY THEN will I turn bull. At that point, a 6k target or higher is not unreasonable.
Fair warning, I still believe we may see some more upside before this thing turns around. We have until the weekly close to make a higher high.
Until I see a higher high I am BEAR and would suggest SHORTING this thing into the ground. If pennant support fails to hold once we get there, we're looking at $3,151/$2,450 for our next stop.
Get ready for some alt rallies, bois.
Good luck.
Note
Don't you people find it the least bit strange that volume only picks up RIGHT when we have these really high spikes in price?HELLO!?
Note
Price just hit the 1.618 extension of the first impulse wave.
This could mean we are in an ABC correction upwards, it could also mean we are in a broader impulse wave. If we are in a larger impulse wave, $4,300 is the next target.
If we are able to reach $4,300 and I see a subsequent hold of support, I will be a buyer.
This reeks of an ABC correction to me with a new downward impulse soon to start, likely on the new weekly candle.
We'll see. For now it's time to sit back and watch.
Pick some alts up, Pundi X and DENT are looking amazing ;)
Note
To be honest, this is what I believe this rally to be:
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