BTC: Dips are for Doritos
After a weekend of unpleasant price action, we're looking back at 2021 to see what happened before when BTC almost touched D1 EMA 100 after a big sell-off.
The cycle's first top was a good example, although there is no implication here that we are at a cycle top. It's just similar EMA structure, which is worth studying.
Price action develops a bit different in both cases, but the similarities are there:
- repeated retest of H4 EMA 200
- bounces off this EMA get weaker every time
- now we broke down with an impulsive move
- almost touching D1 EMA 100
If price develops similar here, we expect price to consolidate between H4 EMA 200 and D1 EMA 100, filling imbalances, before choosing a direction.
Most important takeaway: H4 trend is lost for the first time since the beginning of February.
Until reclaimed with strength, dips are for doritos.
H&M
The cycle's first top was a good example, although there is no implication here that we are at a cycle top. It's just similar EMA structure, which is worth studying.
Price action develops a bit different in both cases, but the similarities are there:
- repeated retest of H4 EMA 200
- bounces off this EMA get weaker every time
- now we broke down with an impulsive move
- almost touching D1 EMA 100
If price develops similar here, we expect price to consolidate between H4 EMA 200 and D1 EMA 100, filling imbalances, before choosing a direction.
Most important takeaway: H4 trend is lost for the first time since the beginning of February.
Until reclaimed with strength, dips are for doritos.
H&M
Tealstreet.io Trade Faster & Trade Easier
Content in partnership with:
twitter.com/mooncakexbt
twitter.com/huskyXBT
Content in partnership with:
twitter.com/mooncakexbt
twitter.com/huskyXBT