Long

BTC Bearish Divergence or Upwards Consolidation?

By BTCilyKandinsky

Updated

Fractal analysis.

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Not a good look here. Think 3-day RSI tests 50-40 area.

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Fake out. Upwards consolidation still in play!

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If we're consolidating upwards. I'm targeting 92k.

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If we break down this is what I'm seeing.

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Nice bounce off kumo twist @56k. I don't want to see a close below otherwise upwards consolidation play is done for.

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Fractal comparison update. Redrew the squiggly to fit the time frame a bit better.

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uPwArDs CoNsOlIdAtIoN

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3 Day bearish divergence on RSI negated. Conservative 1st target zone 68-74k. Blow off top 92k-120k.

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RSI currently sitting on 44. 2016/2017 bull run respected this level. Would Ideally like to see this hold, but price action seems to want to see lower.

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Ded.

BTCilyKandinsky

BTCily Wassilyevich Kandinsky (16 December [O.S. 4 December] 1866 – 13 December 1944) was a Russian painter and (ch)art theorist.
Kandinsky is generally credited as the pioneer of abstract (ch)art.

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