BitcoinLong
BTC Outlook: Retest 27300
The move to just under 30k does not look impulsive. Either we are topping a Wave B of an expanded/running flat, or entering Wave X of a complex WXY correction.
Personally, I wouldn't be surprised if this is a complex WXY as we are under strong resistance. I could see us ranging between 26-29k for a while before making another move beyond 30k.
In the meantime, BTC is showing bearish divergences on the RSI on multiple timeframes, and we haven't reverted to our 1H 200 EMA . Generally, during 10-15% consolidations BTC will retest the 55 or 200 EMA on the 1H, 4H, or 1D. Throughout this entire move from 10k to 30k, BTC has retested the 1H 200 EMA numerous times before impulsing higher. This is what I am waiting for.
Next, there is Supertrend support (not shown) on the 4H at 27300. In conjunction with this, we are flat-lining at 29500 right now, and it seems we could be making a H&S . The drawing shows a possible right shoulder playing out with a test of the 4H 200 EMA and Supertrend support at 27300.
Regardless of how this plays out, I think we need a minute to cool off before moon-shooting again.
Personally, I wouldn't be surprised if this is a complex WXY as we are under strong resistance. I could see us ranging between 26-29k for a while before making another move beyond 30k.
In the meantime, BTC is showing bearish divergences on the RSI on multiple timeframes, and we haven't reverted to our 1H 200 EMA . Generally, during 10-15% consolidations BTC will retest the 55 or 200 EMA on the 1H, 4H, or 1D. Throughout this entire move from 10k to 30k, BTC has retested the 1H 200 EMA numerous times before impulsing higher. This is what I am waiting for.
Next, there is Supertrend support (not shown) on the 4H at 27300. In conjunction with this, we are flat-lining at 29500 right now, and it seems we could be making a H&S . The drawing shows a possible right shoulder playing out with a test of the 4H 200 EMA and Supertrend support at 27300.
Regardless of how this plays out, I think we need a minute to cool off before moon-shooting again.
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.