Chart posted 8-9-2021 at approx. 11:27pm ET. Please reference previous linked chart- which called the broadening top (yellow) line. That chart however was too early to definitively illustrate the patterns seen here. Despite not having these patterns it was possible to call this thinning out of price action. What we have now is a completed "EXTREMELY BEARISH HARMONIC" (in yellow)... it is coupled with a bullish butterfly. This is the pattern causing confusion in the market. Its preventing short selling and it is preventing gains to the upside... its an area of confluence, stagnation- and its what delivers the broad top we see now. Could this rise- possible.. but I think the bearish harmonic will win and it will use the bullish butterfly to draw the long holders lower and lower... I am expecting something involving dead cat bounces- 3 of them .. and this will play out to a 3 Falling Peaks pattern bouncing off areas of support and then breaking lower to use them as resistance. In the event price goes higher- it will only do so if the price action can sustain itself over 47k. We have yet to see an hourly candle do that- all have been rejected. If we do break upside.. it will be extremely fast, but usually when we see bullish patterns embedded to bearish patterns- they are the catalyst for drawing price lower. In the event we go higher Ill post that chart (if it develops).
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Chart shows Japanese candlesticks for trend analysis only.
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If BTC gets over 46.5k possibly expect a bullish fake breakout to 48k. At this stage its rinse and repeat back to the downside- probably much harder than many will expect. If BTC does not get over 46.5 then we continue as outlined in this chart. Either way price action is not healthy.. so try to avoid getting suckered in.
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BTC has crossed 46.5- and continues to edge upward. I am inclined to go LONG here. Its als muscled through some tough bearish patterns.. some how.
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I would say establish a stop on this at 47k however- it may not go up very high. If at all. Its struggling off low RSI.. and the pattern is bearish.
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Stop hit- looks like we coming back down- updated chart to follow soon.
Moorsc0de aka Crypt0nomics aka Zaphkiel
