BTC (Y20.P4.E4).Macro.H&S, CME Gap

*** A continuation of the previous post, link below ****

Now it seems the Head and Shoulders has confluence with the CME gap as well as the WEEKLY 21 EMA.
No need to elaborate at this point, as these charts tell you the story.

Note the weekly MACD and RSI, still bullish but showing a pullback.
Also Phoeix and WT tells us the same, with early notification that a pullback is in place.
Phoeix shows RED RSI still high in value meaning there is no chance at this point of a change in trend.
It needs to be below 50%.
Note with the WT, the cross over the ema's is higher than previous so bullish trend area.

TIPS: Keep an eye on DOT, LRC, EGLD, for now.

Cheers,
S.Sari.

Some relevant snapshots

Weekly chart

Note the fib levels in the channel

PREVIOUS POST

Trade closed: target reached:

BTC drop was also a bad sign it seems for the other markets..those holding BTC like me will see prices lower than 10k now. This is not good

Comment:

We have reached our target of 1050 to 10250 based on many posts discussed before.
Here I have 3 scenarios.
a) we have support here and up it goes as this is the high demand area. If we drop below 10050 and the 10250 band, it becomes bearish.
We can wick down. close the CME gap and move back up, this is not considered bearish, as we don't close beneath this level.
b) downward pressure continues and we test the 3 year slope resistance. This is unlikely but if it does, I would say its a change in trend and is bearish.

The 21 weekly EMA is approaching us and its possible we hit the weekly 34 ema as we have done in the past and this is acceptable.

This is not trading advice, I have bought at this level 10050 and have place orders at the CME gap for that possible wick.

Comment:

Comment:

CME gap

Comment:

Risk of further drops evident with the SP500 bearish correction