This is a fairly simple idea using the only available trendlines from previous runs and Fib extensions.
BTC is also coming up to the last extension from the first Elliott Wave in this bull run.
I don't think this is the final top, but we will have a large correction from here.
We are melting up on low volume after a large volume sell off at around 32k, as well, alts are now lagging, which is usually what happens after they have their run ups near the peak.
It's currently past the trendline, I expect a wick up to the fib level on the weekly candle, with a close below the trendline
If you look on the daily, this lower trendline definitely caused resistance, so it is valid.
BTC is also coming up to the last extension from the first Elliott Wave in this bull run.
I don't think this is the final top, but we will have a large correction from here.
We are melting up on low volume after a large volume sell off at around 32k, as well, alts are now lagging, which is usually what happens after they have their run ups near the peak.
It's currently past the trendline, I expect a wick up to the fib level on the weekly candle, with a close below the trendline
If you look on the daily, this lower trendline definitely caused resistance, so it is valid.
Note
The top Note
So it looks like we're just consolidating AGAIN. That was another very short short trade. My guess is that this is where alt coins will have their real runs from breakouts. Then we should move down from here.Note
I have changed my mind to my original idea. Volume here is all red and at the top of the range. Retail was having it too easy, this is the time for a dip.Note
This is my conservative target as I'm not sure how low BTC can drop this time. I will take 50% of profits there Note
It is tightening up near the line, if it breaks this consolidation box to the upside, I will be exiting my short and waiting to see what happens Note
It wicked up to the trendline/fib level properly :P So much volume right at the peak. If it goes up from here, I'll never ever short BTC again Note
Looks like we're FINALLY melting down after a low vol short squeezeNote
2d left on the weekly candle to see if this idea is correct. Wick up to the trendline with a close below the fib I expect something like this
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.