Bitcoin (BTC) recovery a forlorn hope, we are set to go another leg down

Overwhelming majority of traders on Tradingview and Twitter are seeing this greenery of today as a bull trap and are short on bitcoin, in the near term. If BTC manages to stay above $4255-4260 we can then retest the $4600-$4800 levels, otherwise we fall down and anything below $4100 will probably send BTC to the support of $3800 or even lower,

Here are some of their analysis:

Bitcoin is making similar fractals and pumped almost $1000 from the lows.

If bear market is going to continue good place to build a short.

If bull market to follow, then pull back is due for accumulation.

Time shall tell.

TA: – notice very strong trend channel of entire correction since 6300$ – two gann fans supporting possible outcomes – RSI bearish divergences – RSI bearish historical resistance – Stoch turning down – EMA100 (2H) on the top of channel – 4180$ – EMA10 (1D) on higher line of the top of the trend channel – 4410$ – EMA10 crossing down EMA100 on 1W – already 2x 4D 10h intervals before falling

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Conclusion: – BTC and other markets been artificially pumped pre event this week, and my expectation is that they will dump right before. – One exception here is Consensus event that was known to pump crypto during entire conference of Consensus conference editions. – BTC could break higher of course eg. as Gann fan indicating 5.1k till Friday, though I am not really TA enthusiast after all I wrote. Was looking to support my FA and price action bias, to be precise. 

** IT’S NOT AN OPPORTUNITY TO BUY YET !!!! Price is moving in 5 ways to the downside since the selloff from 6000 Wave 1,3 & 5 will go lower where as waves 2 & 4 will go counter trend and correct a % of the previous move. Wave 3 is often the extended wave, meaning it’s the longest and you should be able to count 5 subwaves inside it. Once those 5 waves end, we get wave 3, after wich comes a correction higher in wave 4 in a 3 waves manner( abc for example) or a more complexe correction(but still just a correction !).

I’m confident we have those 5 waves down as a wave (3), now price is therefore in a correction higher for wave (4).

After wave (4) ends (should be near 0.382 level ~4500 ideally), look for price to fall a bit further for wave (5) near the 3100 level (or possibly lower) 

 


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