BITCOIN: ONE-DAY PICTURE CRYSTAL CLEAR
The one-day is providing a very clear picture of things right now. I am not going to tell you to short or to long - that's for you to decide. I'm also not going to paint weird animal-based patterns on my charts or try to convince you that we are in sub-wave a of wave D of arm 2 of Elliot Wave 5. I am simply going to present the technical analysis-based facts of the current situation as seen very clearly here with basic, meat & potatoes indicators on the one-day chart:
1. We are closing in on the apex of a 3+ month-long consolidation pennant.
2. We are in a mid-term uptrend, long-term downtrend.
3. The volume has been steadily declining through the pennant.
4. The tip of the pennant is a week away.
5. There is now major bearish divergence on both the stochastic and regular RSI.
Cheers and happy trading!
1. We are closing in on the apex of a 3+ month-long consolidation pennant.
2. We are in a mid-term uptrend, long-term downtrend.
3. The volume has been steadily declining through the pennant.
4. The tip of the pennant is a week away.
5. There is now major bearish divergence on both the stochastic and regular RSI.
Cheers and happy trading!
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