Bitcoin arguments for Bearish
Updated
Rising wedge failed to break to upside twice, we have a stronger breakdown with a break, hook, and go. Bearish Butterfly with 3 falling peaks at the pcz kicked us through and out the other end of the pattern. 3.618 macro fib and almost no higher. On the 4hr if we continue down we can get a deathcross between the 55 and 200 moving averages.
~51k for full measured move of bearish butterfly.
~43k for full measured move of rising wedge
Weekly 21 moving average (moving target) has confluence with the 43/42k zone. (Look at bullrun from 2017, several touches of weekly 21 Moving Average during the bullrun and these were "pullbacks" before continuing onward).
If this region fails, the daily 200 is around 33k (moving target).
Bearish divergence on Weekly RSI will be confirmed this week. We haven't bearish divergence on the weekly rsi since 2019.
~51k for full measured move of bearish butterfly.
~43k for full measured move of rising wedge
Weekly 21 moving average (moving target) has confluence with the 43/42k zone. (Look at bullrun from 2017, several touches of weekly 21 Moving Average during the bullrun and these were "pullbacks" before continuing onward).
If this region fails, the daily 200 is around 33k (moving target).
Bearish divergence on Weekly RSI will be confirmed this week. We haven't bearish divergence on the weekly rsi since 2019.
Note
I should also mention with this break of structure BVOL and BTC.D are rising from critical areas where historically they have bounced hard. I was hoping to see these (2) rise with price action rising, not falling.Note
Note
BVOL above and BTC.D below
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.