According to the indicators that I am using I see completely different signals than that many others are sharing in the media. BTC is not looking so good at all. At the moment BTC is moving in an corrective Elliot wave ending probably wave b soon which means a bigger correction can be expected.
The equilibrium zone is in the same area as were the current CME gap is and it is expected that this gap must be filled, before any BTC upward continuation is possible. There are more than $200 million liquidation positions open around latest high. For sure those positions are going to be liquidated due to market makers and that can probably cause a quick trend downwards.
The ADX inidcator (3rd one below the graph) is not showing any bullish strenght at the moment. Rather a neutral trend which can go either bullish or bearish.
The price is trying to break through for the fourth time now and it's not showing much strength.
If BTC goes down on the daily graph to the equilibrium zone, it is possible that a further downtrend may be triggerd, because on the weekly timeframe BTC is starting to move in a corrective Elliot wave phase as well.
Everyone is refering to charts and patterns from the past, but that is not a guarantee this time that it will happen again. The repeated patterns were possible because BTC was moving in an bullish Elliot phase of 3 bullish upward waves. So yes.. ofcourse it happened three times already in the past. But BTC is at the end of a Elliot wave 5 so that means a downward must happen first, before BTC is technical able to make a big move up.
The equilibrium zone is in the same area as were the current CME gap is and it is expected that this gap must be filled, before any BTC upward continuation is possible. There are more than $200 million liquidation positions open around latest high. For sure those positions are going to be liquidated due to market makers and that can probably cause a quick trend downwards.
The ADX inidcator (3rd one below the graph) is not showing any bullish strenght at the moment. Rather a neutral trend which can go either bullish or bearish.
The price is trying to break through for the fourth time now and it's not showing much strength.
If BTC goes down on the daily graph to the equilibrium zone, it is possible that a further downtrend may be triggerd, because on the weekly timeframe BTC is starting to move in a corrective Elliot wave phase as well.
Everyone is refering to charts and patterns from the past, but that is not a guarantee this time that it will happen again. The repeated patterns were possible because BTC was moving in an bullish Elliot phase of 3 bullish upward waves. So yes.. ofcourse it happened three times already in the past. But BTC is at the end of a Elliot wave 5 so that means a downward must happen first, before BTC is technical able to make a big move up.
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.