This is honestly becoming ridiculous.
1) Not great that BTC met strong resistance at 59.5.
2) Now BTC appears to be stepping down the Fibonacci levels from yesterday's breakout impulse one by one.
3) It is broadly in an ascending wedge, which is a bearish formation.
4) Is BTC printing a head and shoulders formation? If so, the possible downside target is back down to 55.2. Which would align with the linked analysis on filling in the CME gap.
5) Death cross just to the left.
6) It's above the Ichimoku cloud on the 1hr, but if this climb down continues we'll see a steep baseline conversion cross.
7) RSI at 49 on the 1hr. We could see that pick up, but still BTC would be in a bearish ascending wedge.
8) BTC needs to clear and hold 60k.
1) Not great that BTC met strong resistance at 59.5.
2) Now BTC appears to be stepping down the Fibonacci levels from yesterday's breakout impulse one by one.
3) It is broadly in an ascending wedge, which is a bearish formation.
4) Is BTC printing a head and shoulders formation? If so, the possible downside target is back down to 55.2. Which would align with the linked analysis on filling in the CME gap.
5) Death cross just to the left.
6) It's above the Ichimoku cloud on the 1hr, but if this climb down continues we'll see a steep baseline conversion cross.
7) RSI at 49 on the 1hr. We could see that pick up, but still BTC would be in a bearish ascending wedge.
8) BTC needs to clear and hold 60k.
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This chart is updated here:
AgitationZone | TA-focused cryptocurrency Discord channel discord.gg/atGcaRzz
