BTC may be reaching a reversal area here rejecting at the 1:1 W:Y which is also 0.5 retracement.
It did break out of the sideways channel drawn before and so not finding symmetry with the 2018 bear market. And this is BTC doing what it does better than any other name/market - finding new and exotic price avenues. And for every time a major reversal occurs the correction gets more noisy and there have been many as BTC has remained in this trading range for over a year.
RSI just touching the upper band also could be a signal that this is a corrective top.
SPX also overlaid and its clear BTC is moving in tandem to an extent. For me this is further evidence that BTC is done - it is moving as a passenger.
SPX - I have a few counts but the fact that it is death crossed is bad news for BTC since it is moving with it. If there was any hope for BTC being a hedge it should be showing some inverted price action against stock indexes but it isn't.
Every time SPX has death crossed there has been a major crash and so inevitably sooner or later SPX is going to crash and so is BTC.
Good chance SPX is topping out in an X wave here and so BTC is much more complicated but since it is moving with SPX then it will fall with it if it does, and I think it does. If SPX forms a next leg down the BTC will be heading into the 20s.
Just a side not for anyone that may actually be following the EW count here. I have not much idea if these 3 recent pivots are a WXY or ABC since they are so noisy and strange it is hard to determine a sub wave count. But either way its really irrelevant to finding the 1:1 fibs.
SPX threads linked for anyone that wants to look outside of little subordinate crypto.
See you at 20K.
Not advice.
It did break out of the sideways channel drawn before and so not finding symmetry with the 2018 bear market. And this is BTC doing what it does better than any other name/market - finding new and exotic price avenues. And for every time a major reversal occurs the correction gets more noisy and there have been many as BTC has remained in this trading range for over a year.
RSI just touching the upper band also could be a signal that this is a corrective top.
SPX also overlaid and its clear BTC is moving in tandem to an extent. For me this is further evidence that BTC is done - it is moving as a passenger.
SPX - I have a few counts but the fact that it is death crossed is bad news for BTC since it is moving with it. If there was any hope for BTC being a hedge it should be showing some inverted price action against stock indexes but it isn't.
Every time SPX has death crossed there has been a major crash and so inevitably sooner or later SPX is going to crash and so is BTC.
Good chance SPX is topping out in an X wave here and so BTC is much more complicated but since it is moving with SPX then it will fall with it if it does, and I think it does. If SPX forms a next leg down the BTC will be heading into the 20s.
Just a side not for anyone that may actually be following the EW count here. I have not much idea if these 3 recent pivots are a WXY or ABC since they are so noisy and strange it is hard to determine a sub wave count. But either way its really irrelevant to finding the 1:1 fibs.
SPX threads linked for anyone that wants to look outside of little subordinate crypto.
See you at 20K.
Not advice.
Comment:
Also notice rejection off all important 200DMA is quite probably the signal that BTC is only half way through the bear market
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Part 2 of the fortnight video now uploaded to the group: 27th May - Crypto focus😼.
$50 per month 👍🏻.
Contact: t.me/dRends35
