BTCUSDT. So It Dumped. What Now ?

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Hello Traders,

Quick update:

1. Rising Wedge (lines in pink) broken with a MACD bearish divergence (circled in pink)

2. Accumulation Distribution below its EMA13 (indicator below in black with aqua, circled in pink)

3. Huge selling volume on the daily (circled below in pink).

4. Price inside a channel. (Lines in blue)

5. If price pullbacks to the rising wedge then we could have a Head and shoulders top.

What is the next possible move ? Price can pullback to the breakout point on the wedge, which would form a Head and Shoulders formation.
The bearish MACD divergence means that the trend was losing momentum along the way, each impulse was les and less powerful.
We were bullish just before the divergence was confirmed, but as soon as we saw that we took out most of our positions.
Also note the rising wedge, how the distance between each top decreases which confirms the premise of losing momentum.

What now?

a. Worst case BTC makes a measured move down of the HS to around 47-48k, this is the distance (top minus base) of the head and shoulders formation projected from its possible breakout point.
Note that the point of control (PoC bottom horizontal line of rectangle in Purple) intersects almost exactly with this measured move down mentioned above at around 47-48k.

b. BTC makes a move to the 61.8 fib to the psychological price of 50k.

c. BTC makes a move to the base of the channel at around 52k which intersects exactly with a key pivot point (top purple line of rectangle).

d. Best case scenario. BTC rebounds from 60k and breaks the 70k barrier to reach new highs.

Now nothing is certain, anything can happen and each new candle is a new piece of information that can change the whole outlook.

The dip is not likely in, so don't fall on the trap.

We are short term bearish (1-2 weeks), long term bullish (next 2-3 months)

Good luck and remember to always live to fight another day. . Best of best my friend.

Robertus

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