My confidence is increased due to the correlation with DXY and my bearishness on it(it's forming a right shoulder inside of a right shoulder inside of a right shoulder at the moment).
Other than the resistance between points A and C, I'd be looking at the .5 fib extension(green) and the red rectangles as potential targets.
Other than the resistance between points A and C, I'd be looking at the .5 fib extension(green) and the red rectangles as potential targets.
Note
I know it's pretty messy but here's a short-term shot of what I'm seeing in DXY. Note the confluence with the targets of the little triangle pattern and the shortest-term head and shoulders at ~94.93.This takes place within a right shoulder on the weekly chart...
Note
Extremely short-term bullish divergence on 5 min chart(and barely starting to show on 15 min). DXY is making it more obvious that 96 is likely the top for a while...Note
Bitcoin will most likely benefit A LOT more from the impending freefall of DXY than EUR/USD will though...Note
So far so good, reached point B already, validating to me that the pattern has significance, and now it's dipped back down and tested support... exaggerated bullish divergence on the 15 min timeframe.Note
the pattern is now officially invalidated but at this moment I'm still bearish AF on DXY so I expect it to recover back above the PRZ in the extremely near future, at which point I expect the reversal points in the pattern and the related fibonacci extension to have an effect(support and resistance) on price action on the way up, at least.Note
immediately after my last update I realized there is a bullish shark pattern now at play instead. just had to move things around a little bit to adjust targets based on the new PRZ.Note
It will be interesting see price action react to the lines from both charts :)Here's the interactive version of the bullish shark
Note
I'm no longer bullish even though DXY looks bearish. Bearish div on 30 min chart. Bitcoin's turn!
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.