Just a quick post to share ideas for potential reversal zones on bitcoin.
Chart:
Bat and crab patterns are visible. The crab is not quite as strong as the bat. I think we'll see some more volatility corrective moves (liquidate the shorts, and some longs) after this strong impulsive move. Subdividing this impulsive move into waves is a little murky, but I think a the steepest move is the completion of a W3 and W4 will likely retest this trendline break.
Trade thoughts:
Sit tight and wait for the upward volatility to resolve into a more directional uncertainty before shorting. Longs still have an advantage (if added on pullbacks), but overall, oscillators are overbought. Optimal short entries would be a higher high on the charts, near a reversal zone, with a lower high on the RSI - wait for the clarity of that divergence before betting short. Ideally DXY will show some upward strength as well.
Chart:
Bat and crab patterns are visible. The crab is not quite as strong as the bat. I think we'll see some more volatility corrective moves (liquidate the shorts, and some longs) after this strong impulsive move. Subdividing this impulsive move into waves is a little murky, but I think a the steepest move is the completion of a W3 and W4 will likely retest this trendline break.
Trade thoughts:
Sit tight and wait for the upward volatility to resolve into a more directional uncertainty before shorting. Longs still have an advantage (if added on pullbacks), but overall, oscillators are overbought. Optimal short entries would be a higher high on the charts, near a reversal zone, with a lower high on the RSI - wait for the clarity of that divergence before betting short. Ideally DXY will show some upward strength as well.
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