BitcoinShort
Possible top for BTC for this cycle?
Trying to see what the bullish outlook is for #BTC, however I am finding a lot more bearish arguments at this stage then bullish.
Looking at the Daily, Weekly and Monthly Chart:
- RSI printing Bearish Divergences
- Failing to break above the heavy pitch-fork channel formed since 2017 Highs through to the highs in 2021.
Daily:
- 50MA is approaching closer and looks to roll back around.
- Super Guppy band is starting to tighten and turn neutral.
- 5th Wave of Elliot has finished, with a truncated top.
- Double top pattern
- Wyckoff Distribution looks to be in play
Of course if we can break out of this massive channel, this bearishness is no longer valid.
What case for Bullishness can you give me for BTC?
Looking at the Daily, Weekly and Monthly Chart:
- RSI printing Bearish Divergences
- Failing to break above the heavy pitch-fork channel formed since 2017 Highs through to the highs in 2021.
Daily:
- 50MA is approaching closer and looks to roll back around.
- Super Guppy band is starting to tighten and turn neutral.
- 5th Wave of Elliot has finished, with a truncated top.
- Double top pattern
- Wyckoff Distribution looks to be in play
Of course if we can break out of this massive channel, this bearishness is no longer valid.
What case for Bullishness can you give me for BTC?
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.