Back to back divergences, bear coming in to attack the bull.
Key candle this week:
Red - a high possibility of 4 week corrections
Green - don’t fight the Fed
In log scole, BTC has been trading inside the uptrend channel from 2011 to 2018, after which it started to go sideway until today. At the same time, turning the uptrend support into a resistance.
Intereseting to note, a price vol bearish divergence formed from 2016 to 2018, which we witnessed the epic run to peak and equally epic fall from there.
#BTCUSD #logscale
IN the short term, looking at the Fibonacci Channel and Retracement, we should have a good chance to take profit at $10K price level. After that, monitor for a breakout or breakdown before getting into position.
I have noticed this pattern and would like to seek everyone who's interested to comment.
If so, it seems we are going to expect market bear until around Oct 2021.
Thoughts anyone?
Thank you for reading.
Jake
