Introduction
Bitcoin ended an impulsive wave last week, into mid term resistance piercing trough it and testing it as support.
Inflows are increasing with these higher prices , giving liquidity to the market.
If bitcoins manages to break last local low, the probability increases of trapping early longs in a false breakout to new all time highs
Analyzing the 12h chart
Accumulation / Distribution indicator showing an head and shoulders pattern and hidden bearish divergence with current priceaction
The rate of change of the ATR and Accumulation/Distribution indicator showing overbought signals at high valuations, if these indicators can cool of on sideways priceaction bitcoin can be worth a buy again, otherwise priceation will follow these indicators to the downside
Possible elliot wave count indicating a deep retracement as previous 1-2 count
Riskmanagement
Price should not go above the beginning wave 1 = Stoploss
If price goes under the end of wave 1 = stoploss at wave 2
Targets
50% / 61,8% / 78,6% Fib retracements
Green diagonal support
Green rectangle box
Bitcoin ended an impulsive wave last week, into mid term resistance piercing trough it and testing it as support.
Inflows are increasing with these higher prices , giving liquidity to the market.
If bitcoins manages to break last local low, the probability increases of trapping early longs in a false breakout to new all time highs
Analyzing the 12h chart
Accumulation / Distribution indicator showing an head and shoulders pattern and hidden bearish divergence with current priceaction
The rate of change of the ATR and Accumulation/Distribution indicator showing overbought signals at high valuations, if these indicators can cool of on sideways priceaction bitcoin can be worth a buy again, otherwise priceation will follow these indicators to the downside
Possible elliot wave count indicating a deep retracement as previous 1-2 count
Riskmanagement
Price should not go above the beginning wave 1 = Stoploss
If price goes under the end of wave 1 = stoploss at wave 2
Targets
50% / 61,8% / 78,6% Fib retracements
Green diagonal support
Green rectangle box
Note
The high was teken yesterday, invalidating an bigger expanded flatIdea now updated for an triple 1-2 and expanded flat in last 1-2
the rate of change of the atr still needs some cooling off back to green support
Several bearish divergence now building up
another test of resistance into support could be needed for fuel to the upside
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.
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.