Bitcoin Danger Zone
Continued though from the last posts (in French, not sorry) so you can trace my thinking and analysis forming 4 days ago.
Lots here, lots to say, let's breakdown. What if people got it wrong: Emotions may have made many want to see an unsustainable uptrend reboot via a triangle. Here is why I think they got this wrong, completely wrong, and the trick was not easy to spot.
Lets first get out a bit of the key:
- Orange, the trend from December.
- Dark red, approx support/resistance levels
- Blue, triangle
- Red, "triangle" exists
- Grey, potential trajectory in next few weeks/months
- Pink, trend line (curved).
Alright, this triangle. We have heard enough of it. Sign of continued uptrend of which all scenarios have failed for 2 major reasons: 3 lower highs in a row (failure to regain ATH), and double exit from the bottom. The first exit (red) was predictable, but the second (red) break through the December uptrend (orange) and opens wide compared to the first which was opening narrow. This is a negative sign adding to the fact that the market rejects December average trend.
Reason in fact, if you look closely, (the trick) the 35-36k support/resistance, was a double pivot for both a triangle and a swing failure. There was no triangle, in fact, the swing failure was confirmed twice. And the stockRSI confirms the market behaviors on these exists.
This makes me speculate that the trend now is "curved", which would announce a market reversal into a bearish movement. If I speculate a little further, correction some thought happened, had not, it's only starting. No financial advice but if you are risk-averse, time to close positions, avoid a blood bath and compensate losses with a leverage future BTC:DOWN.
A triangle and a swing failure with the same pivot. Rare, but it illustrates one thing: be wary of people only seeing triangles they may miss the swing below...
Lots here, lots to say, let's breakdown. What if people got it wrong: Emotions may have made many want to see an unsustainable uptrend reboot via a triangle. Here is why I think they got this wrong, completely wrong, and the trick was not easy to spot.
Lets first get out a bit of the key:
- Orange, the trend from December.
- Dark red, approx support/resistance levels
- Blue, triangle
- Red, "triangle" exists
- Grey, potential trajectory in next few weeks/months
- Pink, trend line (curved).
Alright, this triangle. We have heard enough of it. Sign of continued uptrend of which all scenarios have failed for 2 major reasons: 3 lower highs in a row (failure to regain ATH), and double exit from the bottom. The first exit (red) was predictable, but the second (red) break through the December uptrend (orange) and opens wide compared to the first which was opening narrow. This is a negative sign adding to the fact that the market rejects December average trend.
Reason in fact, if you look closely, (the trick) the 35-36k support/resistance, was a double pivot for both a triangle and a swing failure. There was no triangle, in fact, the swing failure was confirmed twice. And the stockRSI confirms the market behaviors on these exists.
This makes me speculate that the trend now is "curved", which would announce a market reversal into a bearish movement. If I speculate a little further, correction some thought happened, had not, it's only starting. No financial advice but if you are risk-averse, time to close positions, avoid a blood bath and compensate losses with a leverage future BTC:DOWN.
A triangle and a swing failure with the same pivot. Rare, but it illustrates one thing: be wary of people only seeing triangles they may miss the swing below...
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