As You can see, BTC and entire Stock market is moving UP for recent 4-5 weeks. Is it Impulsive or Corrective move ?
In my opinion its Correction or partial Short-take profit and re-entry of Shorts, after 50% bounce from Lows. (Around 17k at big exchanges, some small exchanges BTC touched almost 14K.)
So according to Technical analysis of smaller Timeframe like 2H-4H we are forming Rising wedge with ending diagonal in wave c. More detailed count is attached.
Why do I think BTC will continue to Fall ? = Coming recession in China / US / Europe. (Check fresh data from CHina = Economy slowing, Housing market BIG problems, central bank decreased interest rate by 0,1% today...) = Dollar Index is forming Bull Flag. (Chart Attached). = Risk OFF mode for everything.
Let me know what is your opinion, or post your Wave count. Have a green day ;)
Comentário
⋅
Dollar index DXY 1W tf.
Comentário
⋅
DXY 1D = Bull flag is probably fully formed
Comentário
⋅
BTC/USDT(Binance) 4H chart
Trade ativo
⋅
Quick update.:
As D*XY started to Pump, there you can see expected reaction of Risky assets. Including most Shares / ETF´s like SPX and DJI.
Hopefully you are prepared for a ride. Interesting area for BTC entry will be areound 19-16,5K if RSI can create Konvergence at 1D/1W chart. Otherwise we are heading down to 15-13K ;)
100% agree. summer relief rally. like john snow said : winter is comming...
dxy rsi is getting oversold, next target 120 = stock/crypto crash more oil is almost at bottem, after hitting 85 it will be back up to 120+. meaning inflation will be 10% again, and last capitulation wave can wipe retail out.
ill wait with bags of cash in november, ready to buy from the poor souls.
ps 69k + 85% bear market = about 12k, so its surely is possible.
like john snow said : winter is comming...
dxy rsi is getting oversold, next target 120 = stock/crypto crash more
oil is almost at bottem, after hitting 85 it will be back up to 120+.
meaning inflation will be 10% again, and last capitulation wave can wipe retail out.
ill wait with bags of cash in november, ready to buy from the poor souls.
ps 69k + 85% bear market = about 12k, so its surely is possible.