B Wave Correction -Potential Pull Back Targets
HoLA traders.
As you can see from the chart, Wookalich Ratio (BTC NVT) is signaling what everyone already knows -even though there was a "flash crash" down to 44.845K, bitcoin is significantly overbought and further downside should be expected.
- Bearish Divergences present.
- Monthly RSI is extremely overbought.
Even though it's hard to be bearish on the bitcoin price -ignoring these bearish clues will only end in disaster.
As of now, I am expecting a move down to 37.14K (BC) where I will have begin to enter into a long position.
However -there are two more bearish targets of significance:
1. 23.535K
B Wave correction is an "Expanded Flat", price would then be expected to re trace to the 1.272 of AB ($23.535)
- This scenario is not as probable, as a breach of the 21 WEMA would be necessary to meet the measured move target.. A move that would indicate the ATH of $57.648 was the macro top and bitcoin is entering the next bear market
- Baring another BLACK SWAN EVENT, I do not see this BULL MARKET being near completion. My cycle target is 360.6K
2. 32.775K
Area of Confluence: Anchored VWAP from the point of breakout that initiated this parabolic bull run, 21 WEMA, and 88.6% Fib RT of AB
Traditional markets are looking shaky -DXY appears to be turning bullish. A lot of eerily similar market signs to this exact time LAST YEAR...
JNY
3CandleCollective
As you can see from the chart, Wookalich Ratio (BTC NVT) is signaling what everyone already knows -even though there was a "flash crash" down to 44.845K, bitcoin is significantly overbought and further downside should be expected.
- Bearish Divergences present.
- Monthly RSI is extremely overbought.
Even though it's hard to be bearish on the bitcoin price -ignoring these bearish clues will only end in disaster.
As of now, I am expecting a move down to 37.14K (BC) where I will have begin to enter into a long position.
However -there are two more bearish targets of significance:
1. 23.535K
B Wave correction is an "Expanded Flat", price would then be expected to re trace to the 1.272 of AB ($23.535)
- This scenario is not as probable, as a breach of the 21 WEMA would be necessary to meet the measured move target.. A move that would indicate the ATH of $57.648 was the macro top and bitcoin is entering the next bear market
- Baring another BLACK SWAN EVENT, I do not see this BULL MARKET being near completion. My cycle target is 360.6K
2. 32.775K
Area of Confluence: Anchored VWAP from the point of breakout that initiated this parabolic bull run, 21 WEMA, and 88.6% Fib RT of AB
Traditional markets are looking shaky -DXY appears to be turning bullish. A lot of eerily similar market signs to this exact time LAST YEAR...
JNY
3CandleCollective
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