BTC/USDT (1D) - Struggling to get higher, Rising wedge formed ?
Updated
Hi Traders and Crypto Investors...
As You can see, BTC and entire Stock market is moving UP for recent 4-5 weeks.
Is it Impulsive or Corrective move ?
In my opinion its Correction or partial Short-take profit and re-entry of Shorts, after 50% bounce from Lows. (Around 17k at big exchanges, some small exchanges BTC touched almost 14K.)
So according to Technical analysis of smaller Timeframe like 2H-4H we are forming Rising wedge with ending diagonal in wave c.
More detailed count is attached.
Why do I think BTC will continue to Fall ?
= Coming recession in China / US / Europe. (Check fresh data from CHina = Economy slowing, Housing market BIG problems, central bank decreased interest rate by 0,1% today...)
= Dollar Index is forming Bull Flag. (Chart Attached). = Risk OFF mode for everything.
Let me know what is your opinion, or post your Wave count.
Have a green day ;)
As You can see, BTC and entire Stock market is moving UP for recent 4-5 weeks.
Is it Impulsive or Corrective move ?
In my opinion its Correction or partial Short-take profit and re-entry of Shorts, after 50% bounce from Lows. (Around 17k at big exchanges, some small exchanges BTC touched almost 14K.)
So according to Technical analysis of smaller Timeframe like 2H-4H we are forming Rising wedge with ending diagonal in wave c.
More detailed count is attached.
Why do I think BTC will continue to Fall ?
= Coming recession in China / US / Europe. (Check fresh data from CHina = Economy slowing, Housing market BIG problems, central bank decreased interest rate by 0,1% today...)
= Dollar Index is forming Bull Flag. (Chart Attached). = Risk OFF mode for everything.
Let me know what is your opinion, or post your Wave count.
Have a green day ;)
Note
Dollar index DXY 1W tf. Note
DXY 1D = Bull flag is probably fully formed Note
BTC/USDT(Binance) 4H chart Trade active
Quick update.: As D*XY started to Pump, there you can see expected reaction of Risky assets. Including most Shares / ETF´s like SPX and DJI.
Hopefully you are prepared for a ride. Interesting area for BTC entry will be areound 19-16,5K if RSI can create Konvergence at 1D/1W chart. Otherwise we are heading down to 15-13K ;)
Trade active
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