potential bearish signal for BITCOIN
Updated
Starting from left to right..
I use 3 touch wicks to form trend line , some times they touch only bodies but I start with the wicks:
Look back at March 21st last time this trend line broke down and we had an Alligator cross down.
Then we see a alligator cross up on March 27th when BTC touches the bottom of this channel.
On the bottom channel line drawn its on only 2 touches but could be considered 3 touches.. THIS WAS AN 18 % MOVE DOWN
Next we see the Bull Trap Bear Trap area sideways BTC .
Followed NEW ALL TIME HIGH
This creates a new channel leading to todays May 3rd break down at resistance at 57,500.
If this channel is in play then the bottom range to 40k BTC or lower leads to May 12- 13th of hitting a 40 % correction
And if you run a fib from when BTC broke out at 10,151 to All time high.. a 40% correction takes us to the .5 FIB level. RIGHT AROUND THE MAY 12 -13TH AREA
FOR THIS TO PLAY OUT..
Alligators needs to cross down and btc needs to hold below 55k to lean more towards the measured move to 40k or lower BTC
If this plays out it would be a very healthy correction toward 90k - 100k .. be careful there will be a bear trap at the bottom.
I use 3 touch wicks to form trend line , some times they touch only bodies but I start with the wicks:
Look back at March 21st last time this trend line broke down and we had an Alligator cross down.
Then we see a alligator cross up on March 27th when BTC touches the bottom of this channel.
On the bottom channel line drawn its on only 2 touches but could be considered 3 touches.. THIS WAS AN 18 % MOVE DOWN
Next we see the Bull Trap Bear Trap area sideways BTC .
Followed NEW ALL TIME HIGH
This creates a new channel leading to todays May 3rd break down at resistance at 57,500.
If this channel is in play then the bottom range to 40k BTC or lower leads to May 12- 13th of hitting a 40 % correction
And if you run a fib from when BTC broke out at 10,151 to All time high.. a 40% correction takes us to the .5 FIB level. RIGHT AROUND THE MAY 12 -13TH AREA
FOR THIS TO PLAY OUT..
Alligators needs to cross down and btc needs to hold below 55k to lean more towards the measured move to 40k or lower BTC
If this plays out it would be a very healthy correction toward 90k - 100k .. be careful there will be a bear trap at the bottom.
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I forgot to add to my description : if you add the RSI , mac d, Stoch, and 7,25,100 day moving averages you will also see that they are correlating.Also:
For more correlation look at the weekly chart .. mac d is forming bottom pond on the histogram.
Need to stay below 55k and close daily bearish engulfing.
would make it more probable to target 40k and 40% correction.
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