BTC breached the mini uptrend Higher Low (HL3 - represented by the horizontal dotted line), align with long term view: bitcoin is trending downwards after having a weak retracement
Previous Long term view:
Expect a New lower low to be formed, with mini retracement in between before completing its downtrend at 0.618 or 0.786 fib of Z since the current downtrend seems to have a lower momentum(comparing the gradient of Z and Y), thus 1:1 expected downtrend should not be able to be met.
Previous short term view:
Signs of Bearish Trend continuation
1. Candlesticks staying below MA 200 since 19 August. A lot of trading volume within the price range below MA200 for the last 450 bars (Boxed). But seems like holders at this range are cutting loss and getting out of the game.
2. Unconvincing uptrend.
Although new Higher Highs have been made, the strength of these Higher Highs are weak.
HH2 did not extend much higher than of HH. Similar with HH3 and HH2.
Expectation of Higher High 4 (HH4) was not met. 1:1 ratio of line C
Retracement of uptrend Line A: >0.786Fib
Retracement of uptrend Line B: >0.786Fib ,almost 1:1
Retracement of uptrend line C: >0.68Fib
Retracement of uptrend D:>1 Fib, breaching HL3
3. Difficulties pushing beyond 250XX.
Momentum and Magnitude of Uptrend line D is much weaker than of Uptrend line C.
The supposed Higher High 4 did not extend much above Higher high 3. Failed twice to reach the expected 2575X.
Previous Long term view:
Expect a New lower low to be formed, with mini retracement in between before completing its downtrend at 0.618 or 0.786 fib of Z since the current downtrend seems to have a lower momentum(comparing the gradient of Z and Y), thus 1:1 expected downtrend should not be able to be met.
Previous short term view:
Signs of Bearish Trend continuation
1. Candlesticks staying below MA 200 since 19 August. A lot of trading volume within the price range below MA200 for the last 450 bars (Boxed). But seems like holders at this range are cutting loss and getting out of the game.
2. Unconvincing uptrend.
Although new Higher Highs have been made, the strength of these Higher Highs are weak.
HH2 did not extend much higher than of HH. Similar with HH3 and HH2.
Expectation of Higher High 4 (HH4) was not met. 1:1 ratio of line C
Retracement of uptrend Line A: >0.786Fib
Retracement of uptrend Line B: >0.786Fib ,almost 1:1
Retracement of uptrend line C: >0.68Fib
Retracement of uptrend D:>1 Fib, breaching HL3
3. Difficulties pushing beyond 250XX.
Momentum and Magnitude of Uptrend line D is much weaker than of Uptrend line C.
The supposed Higher High 4 did not extend much above Higher high 3. Failed twice to reach the expected 2575X.
