Short

BTCUSDT Trapped in a Diamond

Updated

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 adjusts

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This is my overview for now

BTCUSDT 5th wave downward of an ending diagonal

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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).

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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.

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New impulsive extension inner a corrective wave-A

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firmestudio

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BTCUSDT 5th wave downward of an ending diagonal

by firmestudio

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