BTC broke the trendline formed since mid november

$BTC broke the trendline formed since mid november. Upside potential of that sym. triangle would be right in the golden pocket area around $8700. Let's see if it has enough juice.

코멘트:

We are currently most likely in the C wave of that whole structure. Keep in mind. The overall trend is still bearish until proven otherwise.

코멘트:

Rising wedge with declining volume normally a bearish sign. Target if it breaks down would be in the low 7ks

코멘트:

Bitcoin likes to go up during times the market tryes to short every move. It gets fuled by liquidations.

코멘트:

Now it gets interesting. Bitcoin just below the upper pitchfork line which it has visited several times during the whole correction since earlier july - always got rejected. (Pitchfork breakout could mean change in trend)

코멘트:

Bounce reached the 0.382 retracement. Taking some profits around that range off the table.

코멘트:

Statistically, there is more often than not a pullback/consolidation below this Fibonacci line.

코멘트:

But no clear rejection yet - time to keep an eye on the CME Futures 200 SMA on the daily - sitting above us at around $8469 - hitting this target could spark a sharper sell-off.

Interesting side note: the real 24h volume had exceeded $ 1 Billion for BTC - significantly higher than any of the „pumps“ before while going sideways and up - furthermore, BTC volume was also higher than its Tether pair which is a really rare thing

코멘트:

Speaking of Tether. Right before our last leg up, their Market Cap grew by $500 million. Rising or falling Tether caps often preceed BTC pumps.

코멘트:

Current Elliot Wave count if it’s a corrective counter trend move. C wave could be extended.

코멘트:

Delphi just signaled the safe exit from the swing trade entered at $6.9k with leverage 3x. We’ll close 80% of our position for a gain of 51,69% and wait for the next swing signal in the upcoming weeks. 20% left if it decides to go higher to feed the “Fomo” (secured via stop loss in profit).

코멘트:

Target area of the a head and shoulders pattern got hit perfectly.
Currently rejected at the 200d SMA on the Futures. Same applies to the pitchfork trendline. Furthermore funding on lower timeframes flipped for now. This usually occures when BTC corrects.Retracement to the Futures gap around 7.6k likely.

코멘트:

#Bitcoin stopped for now on the 0.618 Fibonacci retracement & the 1.6 extension for the C wave. Usually, these levels are harder to overcome and $BTC more often than not gets rejected during downtrends there.

If it wants to go higher… expect a little bit of consolidation here.