BTC Consolidation SOS phase Bear Breakdown - BE PREPARED
CAUTION and BE PREPARED for what's to come during this sideways, consolidation or SOS phase.
CHART FLIPPED on BTC
I like to flip my chart.
Looking at the 2HR timeframe, we will start consolidating for a few days and even close the week.
If you failed to break and hold the 65k zone....that's the sign and start DCA on shorts as the consolidation pattern plays out. After rejection we will test 56k, and retrace before breakdown.
The 2HR timeframe will play out the re-accumulation wyckoff pattern.
The breakdown will take us all the way down to 42-45k zone which is the WAVE 1 of the correction Eliot 5 count. 42-45k will be our first bounce and main support before making a bounce to test 52-55k.
STAY CAUTIOUS if you are longing the support, keep an eye out of the rejection 63-65k.
CHART FLIPPED on BTC
I like to flip my chart.
Looking at the 2HR timeframe, we will start consolidating for a few days and even close the week.
If you failed to break and hold the 65k zone....that's the sign and start DCA on shorts as the consolidation pattern plays out. After rejection we will test 56k, and retrace before breakdown.
The 2HR timeframe will play out the re-accumulation wyckoff pattern.
The breakdown will take us all the way down to 42-45k zone which is the WAVE 1 of the correction Eliot 5 count. 42-45k will be our first bounce and main support before making a bounce to test 52-55k.
STAY CAUTIOUS if you are longing the support, keep an eye out of the rejection 63-65k.
Note
Looking to add short positions during the pump to 65k.Note
We will now go sideways over the weekend after breaching 60k zone. We are going to close the weekly chart below 56k, possibly 52k zone wick. Next week is nice red candle red to 42-45k to complete wave 1 of Eliot wave bear rally.
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.