BTCUSD potential ~35% downside
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Everyone is getting very excited about the BTC bull market, but this chart shows that we are in fact at a clear resistance. We have downward pressure from the 200d moving average, at the top of a falling wedge, and hitting a .382 fib.
If breakout doesn't occur here, a sell off could send us back down to the previous support at the 200w moving average, around 5400.
Wait to go long for a clear breakout here, or have patience for 2-3 months and expect a breakout in Mar-Apr.
I've also included a green arrow for breakout trajectory here... which arrow looks more plausible?
If breakout doesn't occur here, a sell off could send us back down to the previous support at the 200w moving average, around 5400.
Wait to go long for a clear breakout here, or have patience for 2-3 months and expect a breakout in Mar-Apr.
I've also included a green arrow for breakout trajectory here... which arrow looks more plausible?
Nota
Oh yeah, you can also see the pink line in RSI showing a big hidden bear divergence.. that makes 4 technical bear signals.Nota
One more indicator, .786 retrace from last bull rally is right at 5400.
Nota
A look at the end of the bear market from 2014.Nota
We have indeed begun descent from yesterday's prediction. Setting buy zone between 5800–5100. Will update as needed.Nota
Critical moment here, BTC going for another push in an attempt to breakout. Interesting to see where the daily closes.Nota
2 days after breakout, really struggling against 200d MA. I've redrawn lines to be a channel within that resistance. If we break resistance here, I will go long. Nota
^ Also still strong hidden bear divergence on 1d.
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