Weekly scenario: price reached the 42-48k FIB area area and it's going to meet resistance soon.
Notice how close it is riding upper weekly bollinger band and closing to upper limit of a broadening wedge pattern.
Overbought already on RSI / Stoch RSI.
Very extended TD count (14).
It should prove pretty difficult for Bitcoin to break and hold over 48k from here.
I'd consider more likely a substantial pullback,within next few weeks.
Any down-move holding above the 36k mark(FIB 0.382) would be physiological and not alarming in my opinion. That said i'd use some caution and take measures to protect open positions from here onwards.
Notice how close it is riding upper weekly bollinger band and closing to upper limit of a broadening wedge pattern.
Overbought already on RSI / Stoch RSI.
Very extended TD count (14).
It should prove pretty difficult for Bitcoin to break and hold over 48k from here.
I'd consider more likely a substantial pullback,within next few weeks.
Any down-move holding above the 36k mark(FIB 0.382) would be physiological and not alarming in my opinion. That said i'd use some caution and take measures to protect open positions from here onwards.
הערה:
Pulling back indeed, support gone and 2k down already.
הערה:
Fakeout to resistance (and pullback to previous support).
TD ocunt 18, bad looking weekly candle.
Strong bearish divergences forming.
Keep an eye on them (e.g. RSI)
View unchanged, sticking to the plan.
TD ocunt 18, bad looking weekly candle.
Strong bearish divergences forming.
Keep an eye on them (e.g. RSI)
View unchanged, sticking to the plan.
הערה:
Zooming a bit, as we have some interesting price action.
As you see price reached again the temporary pullback support it already tested 3 times. Once more reaction should be evaluated.
Anything under 44k is risky in this phase and I think it's going to lose such support, sooner or later.
IF it fails to bounce right from here and breaks down i'd see it will form a Chuvashow fork and move straight towards 40k.
Possibly lower, as a flashcrash may possibly shorten the timespan of the movement i originally depicted here.
As you see price reached again the temporary pullback support it already tested 3 times. Once more reaction should be evaluated.
Anything under 44k is risky in this phase and I think it's going to lose such support, sooner or later.
IF it fails to bounce right from here and breaks down i'd see it will form a Chuvashow fork and move straight towards 40k.
Possibly lower, as a flashcrash may possibly shorten the timespan of the movement i originally depicted here.
הערה:
Soon to say, but in -purely hypothetical terms- this could be a possible "ABC" flashcrash if prices loses support here.
It's not much different from the original hypothesis, except for a shorter timespan.
I thin it's worth keeping an eye on this, as long as price stays below 44/44,5k.
No hurry, let's see.
It's not much different from the original hypothesis, except for a shorter timespan.
I thin it's worth keeping an eye on this, as long as price stays below 44/44,5k.
No hurry, let's see.
הערה:
So 40,6k was hit already.
Once more, divergences didn't lie.
It's the second time BTC falls this low, since i posted this analysis.
First time was December 18th, low at 40.5k before a short lived ETH euphoria leading to the (late) fakeout.
This is close already, at 40,6k.
Static support area from here downwards.
Now it's pretty simple: it's a matter to check whether Chuvashov static support around 40k holds (apart from bouncing).
Otherwise a full swing ABC correction would be an option.
Overall scenario stays unchanged for now.
Once more, divergences didn't lie.
It's the second time BTC falls this low, since i posted this analysis.
First time was December 18th, low at 40.5k before a short lived ETH euphoria leading to the (late) fakeout.
This is close already, at 40,6k.
Static support area from here downwards.
Now it's pretty simple: it's a matter to check whether Chuvashov static support around 40k holds (apart from bouncing).
Otherwise a full swing ABC correction would be an option.
Overall scenario stays unchanged for now.
הערה:
Unsurprisingly.
Let it cool down.
MA20/W should be tested, that's normal and just a matter of time before it happens.
Let it cool down.
MA20/W should be tested, that's normal and just a matter of time before it happens.
הערה:
It's moving a bit faster than i expected, hence it may bounce along the way.
הערה:
It will test MA20/W, yet it's likely to bounce before.
הערה:
Bouncing and pretty close to the ABC hyphotesis.
Let's see weekly close.
Let's see weekly close.
הערה:
Thare's a very sparse bullish pennant forming, look out for breakout or retrace.
הערה:
Breakout achieved.
הערה:
Hit resistance just fine. Higher high.
This is resistance again, if it can pierce through would be pretty interesting.
This is resistance again, if it can pierce through would be pretty interesting.
הערה:
Here's the pennant i mentioned 20 days ago.
Unfolding and pretty close to natural target.
That's a very impulsive move, time-wise.
Typical FOMO.
Yet volume is not following, so far.
Looking forward to MA/20W test, once this impulsive move bounce starts losing steam. Meeting it in the 50-45k range, if not slightly above, would be encouraging.
Time is the variable here.
Unfolding and pretty close to natural target.
That's a very impulsive move, time-wise.
Typical FOMO.
Yet volume is not following, so far.
Looking forward to MA/20W test, once this impulsive move bounce starts losing steam. Meeting it in the 50-45k range, if not slightly above, would be encouraging.
Time is the variable here.
הערה:
Let me add that previous resistance area, 48-42k, is now support.
הערה:
Pennant target area reched, FOMO ongoing.
It nailed previous already ATH, now i'd like to see weekly close.
Bitcoin never did a double top in all its history, so yes it's bullish.
That said i'm looking forward to a higher low formation.
It nailed previous already ATH, now i'd like to see weekly close.
Bitcoin never did a double top in all its history, so yes it's bullish.
That said i'm looking forward to a higher low formation.
הערה:
Hmm starting to show small bearish divergences.
TD count >9, overbought RSI / Stoch RSI, MACD seemingly about to stall.
Keep an eye on it, letting alone wicks i think it's gonna to retest 59k.
Possibly within a week or less, that's the feeling.
TD count >9, overbought RSI / Stoch RSI, MACD seemingly about to stall.
Keep an eye on it, letting alone wicks i think it's gonna to retest 59k.
Possibly within a week or less, that's the feeling.
הערה:
I think a failed high is in the making.
Watch out for a spike-up and pullback quickly afterwards.
Ignore spikes, look at weekly close.
Watch out for a spike-up and pullback quickly afterwards.
Ignore spikes, look at weekly close.
הערה:
Watch it along this week, possible failed high / bull trap in formation.
* bearish divergence
* Rising wedge
* MACD possibly stalling.
* bearish divergence
* Rising wedge
* MACD possibly stalling.
הערה:
!
!
הערה:
Well expected.
הערה:
62k hit, nearing support:
הערה:
Here we go.
Support reached.
Likely bounce, but watch out .
Anything below 68,5k means ABC risk.
Support reached.
Likely bounce, but watch out .
Anything below 68,5k means ABC risk.
הערה:
Here goes the bounce, back at key resistance already.
BTC needs a W close above 68,5k or stays at risk of ABC.
Let's see.
BTC needs a W close above 68,5k or stays at risk of ABC.
Let's see.
הערה:
Pretty surgical. Now sideways in the resistance box, watch out for breakout direction.
High chance it will challenge upper bound of resistance.
Possible inverted H&S in the making.
High chance it will challenge upper bound of resistance.
Possible inverted H&S in the making.
הערה:
Here's price at resistance again.
Watch blue support.
I'd say a fakeout is likely and pullback may start next week.