BTC/USD ABC Correction in Play
Likely BTC/USD ABC correction in play.
Notice the confluence of extensions and key levels. If compared to the 4 hour downtrend line (in white), a bounce to 56k would still make a daily downtrend valid.
Meanwhile the recent bounce off of 47.1K could be a potential support but the more likely scenario is a bear flag and an ABC dead cat bounce.
Zooming out to the weekly we see fractal patterns resembling a bear flag with further downside in play. Volume candles on the recent capitulation dump prove notable but not convincing. The recent break below the orange trend line shows a potential bull trap fake out last week followed by a Friday night massacre on the markets.
Useful is a comparison the the ETH/USD and ETH/BTC charts when compared with ETH.D dominance which recently peaked at 22%.
Notice the confluence of extensions and key levels. If compared to the 4 hour downtrend line (in white), a bounce to 56k would still make a daily downtrend valid.
Meanwhile the recent bounce off of 47.1K could be a potential support but the more likely scenario is a bear flag and an ABC dead cat bounce.
Zooming out to the weekly we see fractal patterns resembling a bear flag with further downside in play. Volume candles on the recent capitulation dump prove notable but not convincing. The recent break below the orange trend line shows a potential bull trap fake out last week followed by a Friday night massacre on the markets.
Useful is a comparison the the ETH/USD and ETH/BTC charts when compared with ETH.D dominance which recently peaked at 22%.
News follows sentiment, sentiment doesn't follow news. Use TA and get ahead of the market.
إخلاء المسؤولية
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News follows sentiment, sentiment doesn't follow news. Use TA and get ahead of the market.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.