The general idea is that BTC is slowly running out of steam and and overdue correction is inbound.
I'm expecting a 27-30% correction on BTC back to the Kijun-sen / Median line, however it could escalate further.
We've had multiple 'Alt seasons' within the past couple of weeks, and some large increases in strong alts - showing that they are more than capable of the runs BTC has had.
Idea is charted on the daily time-frame.
Potential support zones:
Sentiment compared to previous upper limit / new channel breaches:
4hr time-frame - Ascending wedge completion:
Potentially acting as a catalyst for the correction.
Time between previous MACD signal crossovers in days & hours (h4 time-frame within the last month).
2, 1.16, 2.4, 2.20 - the average of which is 1.965 (2 days).
We have two signal crossovers remaining, approximately four-six days.
For my personal / historical records, still learning TA.
I'm expecting a 27-30% correction on BTC back to the Kijun-sen / Median line, however it could escalate further.
We've had multiple 'Alt seasons' within the past couple of weeks, and some large increases in strong alts - showing that they are more than capable of the runs BTC has had.
Idea is charted on the daily time-frame.
Potential support zones:
Sentiment compared to previous upper limit / new channel breaches:
4hr time-frame - Ascending wedge completion:
Potentially acting as a catalyst for the correction.
Time between previous MACD signal crossovers in days & hours (h4 time-frame within the last month).
2, 1.16, 2.4, 2.20 - the average of which is 1.965 (2 days).
We have two signal crossovers remaining, approximately four-six days.
For my personal / historical records, still learning TA.
Trade active
Smaller timeframes:We've just had a bearish TK crossover with a bearish future very close to the upper limit support line. I believe the move has started.
Trade active
The BCC release on Coinbase has started the initial drive down, lets see what happens over the next few days when the dust settles.Trade active
Here we go! BTC showing strong support on the daily chart at the median line, this could be the lower limit for now, we seem to be riding it nicely.Daily:
30min:
Note
Note
I think the chart to watch will be the 4hr, there's currently a tug of war going on with price action. The RSI hasn't really dipped too much into the oversold zone yet so I think we could see it dip further to 10k or so.Trade closed: target reached
Successful
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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.