BTC Needs to Chill out, Man!

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RSI on the daily is in the NINETIES.

Volume Declining.

Provided a lot of areas of interest bases on fib extensions that line up with support and resistance zones.

This is a potential Short Trade Set-up. Followed by a monster long set-up. A nice 2'fer.

This is not financial Advice.

١٩ يناير ٢٠٢٣

ملاحظة

This rising non horizontal resistance just got a support flip at the .236 on the 4 hour chart.

Take a look, this spot is interesting.

١٩ يناير ٢٠٢٣

ملاحظة

Here is the weekly prospective. Notice that the rsi is only around 50 at the moment.

The structure seems to be following the 17 breakdown pretty well.

Im expecting the weekly to pump to the 36k area to validate a trend, and get one last rejection in the market to wash out weak positions.

١٩ يناير ٢٠٢٣

ملاحظة

This is also another 4 hour prospective that I think would make sense based on what I see in the normal indicators.

١٩ يناير ٢٠٢٣

ملاحظة

And here is a better look at the W shaped double bottom occurring on a rising non horizontal support. The "W" is well formed.
The .382 coincides with micro support (white line)
The .786 coincides with macro support (green line)
Both outcomes will reset the rsi and create a higher low in the price action.

١٩ يناير ٢٠٢٣

ملاحظة

Also wanted to highlight this "W" shaped recovery shown in the yellow path.

4 Hour

١٩ يناير ٢٠٢٣

ملاحظة

Also seeing a IHS possibly forming on weekly and lower timeframes.

١٨ مارس ٢٠٢٣

ملاحظة

updating this idea to move it to the top