BTC: Where are we?

The lower high right now is my main question. After the next higher low, will BTC print another lower high? What would this mean, if so?

Feel free to comment.

評論:

07 Apr 2021 14:38:06: I don't know if this is accurate, but it's one perspective. 21 February to 14 March, BTC printed a massive W formation. Up in the low of 16 March, I expected it to go further. With W formations you expect a retest of the neckline. This is what BTC did 25 March. Now look at the movement from 14 March until now. We have, like 21 February, a downside move with a lot of chop as it goes through the Fibonacci levels. Then we see an uptrend, from 25 March. And now we're seeing a reversal. Are we seeing an over-extended W pattern form? So the neckline would come in with the lower high, around 02 April. Once we get down to the 0.618 at around 54k, we should see a strong impulse move to the upside, like what happened between 05 and 14 March. After that, we'd expect BTC to retrace to the neckline, which would be around the 60k level. The difference between now and February is that the wave is significantly slowing. You can see this illustrated one some other macro charts I've published. So the whole W formation is significantly extended.