RE: Bitcoin (BTC) Mid-Day Update: Just Beautiful!
@haejin
Moving Averages are indeed pulling towards the upside. Daily, 4H, 1H stoch RSI are still overbought and are indicating a move to the downside. Whilst it has clearly broken the downward channel in which Bitcoin had been moving during its wave 2, prior to today's impulsive move, I had labeled this corrective move as a WXY correction, with the Y leg between the 0.5 and 0.618 fib retraces of wave 1 (and W:Y, 1:1).
Your triangle seems to have formed nicely, though the count within seems to be off. I've been keeping track of all subwaves since the peak of wave 1. I've tried several different other counts, but all of them either ended up overlapping 1 and 4 or creating a zigzag with C-wave barely 50% of A in length. An ABCDE look quite strange as well. Form is just way off.
Like I said, there are bullish indicators and good news has been pouring in today, yet I'm still struggling to accept this impulsive structure as an actually upmove rather than a bull trap. I am huge bull, but something just feels off. Get the feeling that there was some huge manipulation involved as well with this move up.
Just throwing my chart out there for anybody who is interested.
Bigger picture (simply for larger degree trends)
Additionally (speaking of bull traps):
Fractals
Pay attention to the stoch RSI conditions on these charts: on the Daily, 4H and 1H. All overbought and daily still coming down. There was 1 occurence out of 28 in 2017 where the Daily stoch RSI decided to turn halfway and go back up during a downtrend.
I prefer btc charts than memes. 🙌
I think its a bull trap, its going down to 8kish
Bearish divergence on price and RSI
How low do you think it will go?
Your chart are great but it would be better to make a post on your blog of it and just post some here with a link to your blog.
I know people are lazy and rarely click to see a blog, but it's really difficult to watch your chart here, I have to zoom the page and it randomly put me anywhere on the page, would be easier on a blog post.
Donkey milk the ranch cow.
why so bitter?
Donkey milk the ranch cow.
You clearly seem very upset about something