BTC potential reversal
Updated
Long Term
Daily is starting to show some seller exhaustion.
We have not seen this much volume since the Covid crash.
We can clearly see resistance and support on RSI on daily.
A close at ~30k on daily (Today, Tomorrow) could create a bullish divergence on the RSI.
Short term
Looks bearish on the 4H and 1H.
We broke out of a descending broadening wedge tested resistance as support at 32.2k and run up all the way to 0.5 Fibonacci Extension ratio where we got rejected.
I believe that we are now forming a bullish harmonic pattern with Price Completion Zone at around ~30k.
We are going down in a zig zag way so shorting is very risky.
30860 for now looks like a good buy zone. Anything below ~28.8k is bearish.
Targets are fib ratios all the way up to the top of the wedge.
Daily is starting to show some seller exhaustion.
We have not seen this much volume since the Covid crash.
We can clearly see resistance and support on RSI on daily.
A close at ~30k on daily (Today, Tomorrow) could create a bullish divergence on the RSI.
Short term
Looks bearish on the 4H and 1H.
We broke out of a descending broadening wedge tested resistance as support at 32.2k and run up all the way to 0.5 Fibonacci Extension ratio where we got rejected.
I believe that we are now forming a bullish harmonic pattern with Price Completion Zone at around ~30k.
We are going down in a zig zag way so shorting is very risky.
30860 for now looks like a good buy zone. Anything below ~28.8k is bearish.
Targets are fib ratios all the way up to the top of the wedge.
Note
A lot faster then expected.New range for RSI
Note
First target reached, expecting some consolidation here.Note
Resume the pumpNote
Second target reachedHope this does not get rejected 0.786 or 0.886
Trade closed manually
Looks like a rejection so closing it while in profit.
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