BTC had a pivot on early 15th April which I was predicted with Pi cycle ( Many people said it's not valid ).. How ever recently I changed my mind into a bullish phase and it's failed badly !
Now; BTC is moving into a pennant, Which is start to forming at 13th March. How ever it's been broken one time, But it's ok to use trendlines..
There are two major scenarios : 1οΈβ£ Break through mentioned green box on chart 2οΈβ£ Being rejected from Pennant and support level to 50K & 40K
1οΈβ£ Break through mentioned green box on chart Easiest way for BTC to break These bearish trendlines is to break through trendlines cross ( Pink and Green ). By the way there is another bearish trendline ( purple ) which formed cause of recent rejection at resistance line... So for better impact it's good for BTC to retest pennants lower line one more time ! However MACD is trying to have a bullish crossover. If BTC try to break through mentioned point, then it will pass 3 resistances at once; 2 bearish trendlines and a resistance zone....
2οΈβ£ Being rejected from Pennant and support level to 50K & 40K As you can see, There are many resistances formed at current level above movement. Also it's harder for BTC to break them in split points with current volume ! So now let's talk about factors that can make BTC's bearish phase possible; TSI is trying to make bullish crossover, But if BTC rejects current level, Then TSI will have one more dive before minor recovery.. Cause last high TSI was recorded around +44 and now TSI is -26, So there will be enough space for another rejection !
On BTC's Dominance overview : If current level ( 52% ) rejects to hold the dominance, Then it will fall immediately to lower support zones ( 50% & 45% ). π If dominance fails to recover one more time, Then it might cause a crash on market with another minor dip !
We talked about possible directions, Now let's talk about the possible high and possible low for next days : There are two located GAP for on CME chart. - If BTC breaks located resistances; Then 62K retest level will be confirmed.. - If BTC Rejects pennant and support zone; Then 54K retest is confirmed.. π These Prices are for CME chart; We would see different result in Exchanges
π΄ If BTC breaks above $56,500, the pair could rally to the 20-EMA, which is again likely to act as a resistance. If the price turns down from that level, the pair could retest $53,000 and then $50,460. The down sloping MAs and the RSI near the overbought territory show the bears have the upper hand. π There is one more barrier for Bulls, There is a order block before BTC's wick candle; That zone can be another reversal point for BTC's progress to fill the GAP !!
Attention: this isn't financial advice we are just trying to help people on their own vision.
Takes a mighty REAL person to admit they are wrong sometimes these days. Huge respect. I'll take a wrong forecast over somebody that vascillates anyday!