BTCUSDt - Reversal pattern and Divergence at the peak of channel

The good news has increased dramatically .. I think there should be some hesitation.. ‌I'm not so bearish but we have potential to revisit 10800 level
If this comes true
Altcoins (specially in DeFi zone) can break the previous price floors because of the correction they have.

Note

Another scenario that is better for altcoins is sideway at this range for a while

Note

As you know.. XAU and BTC are correlated.. now XAU has a lot of downward momentum and there isn't any reversal pattern yet..
If XAU broken down its support.. probably BTC will follow that.

Note

Gold is still bearish but bitcoin have bullish sign that can be lead to side-way market

Note

Gold has a bear flag, channel will be broken..

Note

Bear flag did its job But bulls prevented the trend from continuing.
currently backed into the channel and but its uptrend not confirmed yet.

Also BTC is side as we expected.

Note

Gold has upward momentum and now trading above MA20.

Note

BTC are in critical zone
XAU showed weakness

Note

We are testing midline of channel

Note

After sideways for many time, Now we faced again with channel resistance.

It's strong But I have no idea that it has enough ability to cross over.
This idea closes here.

Algorca

Related publications

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.

Algorca