BTC dumped through previous High Time Frame support levels and potentially made a local bottom at 32k.
We are still short from our signal at 36k and now the previous Support Levels (circled in yellow) have flipped to resistance.
The macro symmetrical triangle has now been completely broken. With the Price Action being as cancerous as it has been,
coupled with extreme FUD and Fear in the market these downward panic sells have only been increasing in violence.
The only upside is that we are now potentially creating a downward asymmetrical wedge which is statistically more likely to
be a reversal pattern rather than a continuation pattern like we had with the Macro Symmetrical Triangle.
Looking for something to hold at this point but with the clear support to resistance flip and rejection from the Daily Open
we Max Pain seems to be on the menu.
Keep an eye on general market positions, as of right now most exchanges are neutral 50 in positions except for Bitmex and Bitfinex
which are 56% and 58% short respectively.
We are still short from our signal at 36k and now the previous Support Levels (circled in yellow) have flipped to resistance.
The macro symmetrical triangle has now been completely broken. With the Price Action being as cancerous as it has been,
coupled with extreme FUD and Fear in the market these downward panic sells have only been increasing in violence.
The only upside is that we are now potentially creating a downward asymmetrical wedge which is statistically more likely to
be a reversal pattern rather than a continuation pattern like we had with the Macro Symmetrical Triangle.
Looking for something to hold at this point but with the clear support to resistance flip and rejection from the Daily Open
we Max Pain seems to be on the menu.
Keep an eye on general market positions, as of right now most exchanges are neutral 50 in positions except for Bitmex and Bitfinex
which are 56% and 58% short respectively.
✔️ - Trendmaster and MDX Algo Access - MDXAlgo.com
✔️ - NordVPN for those who are IP Restricted - bit.ly/NordVPNTM
✔️ - NordVPN for those who are IP Restricted - bit.ly/NordVPNTM
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.
✔️ - Trendmaster and MDX Algo Access - MDXAlgo.com
✔️ - NordVPN for those who are IP Restricted - bit.ly/NordVPNTM
✔️ - NordVPN for those who are IP Restricted - bit.ly/NordVPNTM
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.