whoisthelorax

BTC 4 hour 50/100 "golden cross" wasn't so golden last time

BITFINEX:BTCUSD   Bitcoin / Dollar
We have invalidated one downtrend wave count by closing a 4 hour candle above the would be wave 3 of 5 around 9300.

I am certainly considering a more "bullish" short term, possibly visiting the upper part of the downtrend channel . Yes we are still in a downtrend.

All of this is overshadowed by the 50/100 bear cross on the daily that occurred today, practically sealing any hopes of crossing 20k in the the coming spring. we are most definitely consolidating 2 year of gains.

however, this is besides the point.

another interesting development could be a repeat of what happened early on in this downtrend.

We received a typically bullish signal back in early January, the 50/100 cross on the 4 hour. The moment it crossed, however, we had hit overbought status on the 4 hour RSI and initiated a pullback. Little did we know that would lead to a cascade of sells.

Looks like the cross is still a day away or so, but as the RSI tops out, we all expect a pull back on the 4 hour chart. how far back?

We are still in the bear flag , after all. Should get interesting at the bottom of the bear flag .
Kommentar: We just barely closed a couple candles out of bear flag.looks posied to reach 12k before retreating again. Still watching RSI and stoch rsi.

Still not exp xting any serious ath treats in next couple few months.
Trade wurde manuell geschlossen: Btc is more likely in wave 4 of 3 at the moment, a bullish Elliott count.

Falling below $9100 significantly would invalidate the EW count and this idea would pan out. Instead, this would've been an ABC corrective move.

Currently, I see a beautiful weekly green candle closed behind a spinning doji.

I'm looking to buy in mid to high $9k region.
Stop below $9k.

Target is the FOMO through the downtrend line. Selling on 4 hour overbought conditions and possibly other indicators confirming this.
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