BTC Prolonged Correction Incoming
Actualizado
First of all, please support our work by smashing that like button or following! These really help us to reach more traders like you!
We took profit for BTC in the past week and are now waiting for a re-entry around 8.8k. Despite the short to mid-term bearishness in our recent analysis, we remain bullish for the long run. As a result, buying the dips is prioritized.
BTC technical remains bearish for the mid and short term:
1. 2D RSI failing MAs ( bearish trend confirmed with the last BTC rise)
2. 8hr chart failing 55EMA.
3. BTC downward channel
4. 5 Elliot waves to the upside likely over
5. A double combo wave forming & might repeat the wave A of W scenario in coming weeks
The daily BTC chart does have slight bullish technical signs right now. However, more volume is needed for those bullish signs to initiate a push to 10k.
Are you currently a bull or a bear on BTC? All thoughts and critics are welcomed!
=====================================================
🌐 We believe in the power of blockchain data analysis!
=====================================================
We took profit for BTC in the past week and are now waiting for a re-entry around 8.8k. Despite the short to mid-term bearishness in our recent analysis, we remain bullish for the long run. As a result, buying the dips is prioritized.
BTC technical remains bearish for the mid and short term:
1. 2D RSI failing MAs ( bearish trend confirmed with the last BTC rise)
2. 8hr chart failing 55EMA.
3. BTC downward channel
4. 5 Elliot waves to the upside likely over
5. A double combo wave forming & might repeat the wave A of W scenario in coming weeks
The daily BTC chart does have slight bullish technical signs right now. However, more volume is needed for those bullish signs to initiate a push to 10k.
Are you currently a bull or a bear on BTC? All thoughts and critics are welcomed!
=====================================================
🌐 We believe in the power of blockchain data analysis!
=====================================================
Nota
CME institutional traders’ net position remains similar to the level in mid-February 2020 (the BTC price peak before "black Thursday" 40% drop), and it has been dropping significantly since BTC attempted 10k. This makes it very hard to argue the short-term bull side.
Nota
Weekly outlook now updated!
Building the future global economic system
Publicaciones relacionadas
Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.