This is the max pain scenario. It's not a guarantee but seems like a plausible short-term bearish outlook
For now, we bounced off R/S flip at previous extension @ 44800 (That's why it's important to test extensions once breached), closed past 23.6 (46300) on daily + bullish failure swing reversal on 4-hr
Demand will inevitably peak at the top of the falling wedge pattern charted in the previous idea and this corresponds with the daily retrace levels. Expect any sub-42000 buy opportunity, if it comes to that, to be very fleeting, much like sub-30 wicks on the last correction mid-Jan before the falling wedge breakout materialized
Chart those trendlines yourself so that you know when the current trendline is broken, in which case, this scenario could come into play
Have a great day and fair trends to you all!
For now, we bounced off R/S flip at previous extension @ 44800 (That's why it's important to test extensions once breached), closed past 23.6 (46300) on daily + bullish failure swing reversal on 4-hr
Demand will inevitably peak at the top of the falling wedge pattern charted in the previous idea and this corresponds with the daily retrace levels. Expect any sub-42000 buy opportunity, if it comes to that, to be very fleeting, much like sub-30 wicks on the last correction mid-Jan before the falling wedge breakout materialized
Chart those trendlines yourself so that you know when the current trendline is broken, in which case, this scenario could come into play
Have a great day and fair trends to you all!
Trade active:
Bottomed at $43000 with breakout from a falling wedge pattern on 4-hour + RSI divergence. On our way to $74000
