Bitcoin Weekly showing Time to Cool off ?
Not posted this chart for a while..so......
My oldest Bitcoin Weekly chart still showing us the true state of things as far as I am concerned.
And, as ever, LOOK at that red Fib circle...
See what it did ?
Thats a 7.236 Fib Circle on the Global scale. Not a Local circle by any means. Look at what happened previously.
Rejection. And we come to the 7.618 around June, if we keep the current trajectory of PA.
But we have new "Circumstances" in the #BTC environment now....ETF's and Shrinking Supply.
No one is really Selling. Some profit taking has happened......
Looking at the Zoomed image of the same chart we can see how we have found support on the 3.618 Fib line after bouncing off the 3.272 after a -18% Dip..off that Fib circle.
https://www.tradingview.com/x/md1QatvQ/
The REAL problem we have, as I have said many times, is that 4.236 above, bang on 76K USDT
Once we get through that, I will redraw these Fib lines......but getting through that 4.236 may not be easy and as a result of that, I reckon we will not really test that area till later in the year, maybe August / Sep
HOWEVER - we have some major indicators pointing towards a further Drop being a Good idea.
MACD ( image below ) turning Bearish on Weekly though not crossed yet. RSI already retraced but above Neutral
https://www.tradingview.com/x/8zQGaeYf/
Mayer Multiple dropping back towards its MA and a long way from the Threashold. This does however give us room to move higher later so not completely Bearish.
The Z score has dropped back onto the MVRV and both are dropping, showing a relaxation in profit taking, the top has passed.
And the DMI ( image below )- ADX ( yellow) has topped out and is dropping, showing a weakening in trend. The DI + ( orange) is also dropping, showing the Bullishness weakening and the DI - ( red) is rising, showing an increase in Bearish strength.
https://www.tradingview.com/x/72eFMKLC/
All Doom and Gloom BUT these traits are not permanent and can turn anytime.
But to make real headway later in the year, we need that weekly MACD lower....so, maybe now is a good time to let BTC cool off.
Will it happen ?
We will find out
My oldest Bitcoin Weekly chart still showing us the true state of things as far as I am concerned.
And, as ever, LOOK at that red Fib circle...
See what it did ?
Thats a 7.236 Fib Circle on the Global scale. Not a Local circle by any means. Look at what happened previously.
Rejection. And we come to the 7.618 around June, if we keep the current trajectory of PA.
But we have new "Circumstances" in the #BTC environment now....ETF's and Shrinking Supply.
No one is really Selling. Some profit taking has happened......
Looking at the Zoomed image of the same chart we can see how we have found support on the 3.618 Fib line after bouncing off the 3.272 after a -18% Dip..off that Fib circle.
https://www.tradingview.com/x/md1QatvQ/
The REAL problem we have, as I have said many times, is that 4.236 above, bang on 76K USDT
Once we get through that, I will redraw these Fib lines......but getting through that 4.236 may not be easy and as a result of that, I reckon we will not really test that area till later in the year, maybe August / Sep
HOWEVER - we have some major indicators pointing towards a further Drop being a Good idea.
MACD ( image below ) turning Bearish on Weekly though not crossed yet. RSI already retraced but above Neutral
https://www.tradingview.com/x/8zQGaeYf/
Mayer Multiple dropping back towards its MA and a long way from the Threashold. This does however give us room to move higher later so not completely Bearish.
The Z score has dropped back onto the MVRV and both are dropping, showing a relaxation in profit taking, the top has passed.
And the DMI ( image below )- ADX ( yellow) has topped out and is dropping, showing a weakening in trend. The DI + ( orange) is also dropping, showing the Bullishness weakening and the DI - ( red) is rising, showing an increase in Bearish strength.
https://www.tradingview.com/x/72eFMKLC/
All Doom and Gloom BUT these traits are not permanent and can turn anytime.
But to make real headway later in the year, we need that weekly MACD lower....so, maybe now is a good time to let BTC cool off.
Will it happen ?
We will find out
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