BITCOIN - The Fastest Move Dictates The Dominant Trend

The Fastest Move Dictates The Dominant Trend - Neely.

Now the top has passed the dominant trend is revealed.

I haven't been in this game too long but I have looked at A LOT of charts and I will say that this bounce is the strangest I have ever seen in terms of fibonacci and also that it arrived from a squeeze not a capitulating bounce. And this is why I now say that the trickiest algos are in Bitcoin.

From the top there are 3 large bearish engulfing candles. The first enormous engulfing took out a whole month of bullish momentum. In this scenario I include the wicks because only price matters, duration is irrelevant.

The second engulfing if you switch to a 3 day chart forms a "falling three methods" candle pattern - again wiping out a week of bullish recovery. And currently now with still 10 hours till close price is within a "gravestone doji."

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The first 2 collapses form an ABC correction down and with such large bearish moves the following bounce (X wave?) only climbed to 0.382 which is very weak, before yet another bearish engulfing candle.

Looking to RSI this will likely bounce in the oversold area. But where the bounce will arrive will only be revealed as the RSI recovers out of oversold. It could come soon or it could be a full on capitulation coming.

All in all looking very bearish and I have noticed a distinct lack of moonbois recently... 😄

Check out my "SPX - Market Crash" thread - relevant to Bitcoin price action.

Not advice.

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And look at this for bearish divergence. There are a lot of similarities with the ATH top that diverged from the start of the year.

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It will be interesting to see if price gets passed these resistance points. If it does then that will be a HL and HH and then good chance the bounce back to a retracement fib will be on.

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Looking bearish... Capitulation could be right around the corner. Can someone update me on the on-chain analysis and have a look what the moon is doing😄...

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BTC drifting sideways and doing what it does best - showing the viewer a bearish and bullish view. Price does look very weak and had a fakeout to the downside, but also it has now formed 3 higher lows and now finding support on a moving average that has seen many pivots already.

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Upside fakeout then dump. The bullish tease didn't last long. Notice the fakeout comes just before overnight stock indexes open and the dump comes as they open.