Chart should explain alot, feel free to ask questions below. Don't listen to the media its all just noise. the charts dont lie. Cheers and happy buying
Looks like we're going down
macro retracement
price to volume divergence
rsi divergence
textbook wyckoff distribution
buying climax was in feb, new highs are duds
Novice traders think like this- Everytime market goes down, they are bearish.. Market goes up, everyone is bullish. Agree?
I'll keep this short and sweet.
Take a breather and look at the MACRO.... I don't think we get any more bullish than this.
Triple Bottom on the Daily
We just completed a retracement to the 618 of the entire last markup. This is where...
Macro
1. Macro Trend - Still Bullish
2. EW - Wave pattern is mature, we are in the second leg of the retracement.
3. Macro Oscillators have returned to neutral readings, but momentum to the downside (retracement)
Present 4hr
Bearish Signals
1. Bearish break from consolidation. Continuing downwards trend
2. Bearish Flag on the daily candles
3. Daily + 4hr MACD...
Looks like we're about to decide of the fate of the market for the next few weeks. It is very apparent based on all the other published analysis that there's alot of indecision in the market.
Here are some points to take -
Macro
1. Macro Trend - Still Bullish
2. EW - Wave pattern is mature, we are in the second leg of the retracement (conclusion).
3. Macro...
We're currently testing the bottom of our consolidation zone. Based off momentum, it does look like we're going to break this support line and retest the 9k support zone. Testing 9k a third time will result in a bearish price formation (descending triangle) and could be bad for BTC. 8k will be the next notable zone for support. 8k represents the .618 retracement...
Structure collapsed at the .382 of the last rally. We're still maintaining structure on the macro. There's a high probability it will bounce at this 10k zone as it collides with previous support, 2 fib zones (.786 of last rally; .382 of macro), and the macro support trend line. oscillators on hourly candles are starting to round out and show divergences with...
