Lots of bearish signals and I can't find many bullish ones besides btc recovered fast after several drops down to the 4h cloud top. But I see btc entering the cloud soon for a couple reasons. - Tenkan/Kijun Cross (happenend the last time early Nov at the sell off from $7800 to $5400) - after the bearish T/K cross we dropped 23% and turned bullish after 2 days again - bearish pennant
I see a high chance for a similar drop like back in Nov. My target for the next days $13500-$14000.
Trade safe!
Dagangan aktif
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Noticing a possible Head & Shoulders forming on the higher time periods. More confirmation for a possible pullback to the November support line.
Unfortunately I was the whole day busy with family affairs and missed most of the fun show what btc offered. I hope most of you were able to exit in time before this serious drop.
My last update nailed it and we dropped down to the November trendline. Only faster than I expected.
Chart looks indecisive right now. Tried to keep it as simple as possible but this chart has a lot to offer.
Bullish signals: - RSI is close to the support which has been broken only once this year - Elliott ABC Correction Wave is completed - usual 35% correction completed .Only a few corrections over 35% since 2008
Bearish signals: - possible long term Head & Shoulders forming. Unconfirmed so far but BTC likes to follow these - Reentry into the 4h Ichi Cloud was rejected.
I would like to see a few candle closes in the cloud for confirmation of an uptrend. Next support in a further correction would be $11000-$11300 marked in the green box.
I see arguments for both scenarios and therefore this a no trade zone for me. Decided to stay at the sidelines and wait for confirmation.