BTC futures chart looking bearish is a WARNING sign
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This BTC futures chart presents a much clearer picture of where BTC is going. From the 69k top, BTC seems to be forming a big bear flag & has recently fallen out. The recent one day rally may be just a FED bulltrap to retest the flag & then go much much lower.
If 34k will not hold, we may probably see the 2021 lows @ 29k making wave 4 a regular flat.
Worst scenario may be the FIBO 1.272 support level at 18k making wave 4 an expanded flat although this is less probable.
Watch out for BTC to break either 49k or 34k/33k, the rest is just whipsaw range trade.
Breaking above the yellow 44k zone would be the first step to get bullish.
Not trading advice. Be extra cautious!
If 34k will not hold, we may probably see the 2021 lows @ 29k making wave 4 a regular flat.
Worst scenario may be the FIBO 1.272 support level at 18k making wave 4 an expanded flat although this is less probable.
Watch out for BTC to break either 49k or 34k/33k, the rest is just whipsaw range trade.
Breaking above the yellow 44k zone would be the first step to get bullish.
Not trading advice. Be extra cautious!
Commentaire
BTC was recently rejected by the green dma50 line, the various VWAPS & also the cloud & still unable to get above dma20. If BTC conquers this much resistance after the FED BOOST, then the next resistance will be the 44k zone & the VWAPs near it.
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