The most recent bull flag break out is a relief rally in the recent move to the downside. We are currently approaching a long standing horizontal trend line that has acted as both resistance and support for BTC since the break out of the bear market. This line is the white line on my image.
I speculate that price action will rally to this horizontal trend line, false break the line multiple times before eventually moving into the second leg down to 25k.
The horizontal trend line should line up with the Fibonacci .382 Zone from BTCs high of 31k. Also we have a bearish convergency forming on the daily stochastic RSI.
I am going to be going short once we see a good push away from the horizontal trend line. The markets have big manipulators in the game right now, be very careful trusting any price that shoots above this trend line.
The horizontal trend line coordinates are:
22433, 184
29966, 326
Also see my Related post that address BTCs MACRO move where i outline the fact that we are in wave 4 or a 5 wave Elliot Impulse move on the weekly!
I speculate that price action will rally to this horizontal trend line, false break the line multiple times before eventually moving into the second leg down to 25k.
The horizontal trend line should line up with the Fibonacci .382 Zone from BTCs high of 31k. Also we have a bearish convergency forming on the daily stochastic RSI.
I am going to be going short once we see a good push away from the horizontal trend line. The markets have big manipulators in the game right now, be very careful trusting any price that shoots above this trend line.
The horizontal trend line coordinates are:
22433, 184
29966, 326
Also see my Related post that address BTCs MACRO move where i outline the fact that we are in wave 4 or a 5 wave Elliot Impulse move on the weekly!
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