Chaikin Money Flow oscillator hidden divergence suggests price action has peaked at supply zone. H4 Overbought. Price trapped by throwing-over diamond top chart pattern by overnight but printing lower high, validating wave (ii). Expecting a profitable impulsive swing downward towards 14.6% Fibonacci retracement level amid 27970, completing wave (iii) @ local demand zone for a potential reaction with anchored VWAP from ATH, i.e. 7% drawdown to a short-term 2D swing trade. Whales maybe sell bulls confidence.
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Some important indicators are strongly bearish on H1 chart:- Relative Strength Index w/ regular divergence;
- Fisher transform bearish crossing;
- Awesome Oscillator strong twin peaks
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Just made some adjustsNote
This is my overview for now
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The price action suggests that BTCUSDT can make a lower high @ 28468 to complete a wave-b in the next 3hrs. After, I expecting a downward to complete the main wave-(a), which structure is impulsive. On the other hand, the price will make the micro wave-iv. Also, 27000 is a level of a potential neckline. The price can bounce from 27000 to make the next zigzag wave-(b).Note
BTCUSDT wasn't capable to make a higher hjgh. On this 30m chart we can the Chaikin Money Flow hidden bearish divergences on price action correlation.Note
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New impulsive extension inner a corrective wave-A Note
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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.