Hey Everyone 👋
I want to map out the play for today on a LTF scale. It is within my opinion that we have flipped to a bearish trend when we look at the curvature of the momentum, we clearly see respect to the line on multiple failed tests, and as time goes on, we see an increase in supply and a reduction in demand.
This theory is backed-up by the clear break of our mid-term bullish trend-line with a failed re-test:
Now this may confuse a lot of you, and this is further research I am doing on Bitcoin itself, but if we observe the HTF, we can see the forces pushing BTC down, indicating 7k is the top and next stop is mid 6k's region. Bitcoin respects these pink rays and our recent pivot point has been reached which also highlights the flip to bearish behavior.
Therefore, collating all the evidence, it is within my belief we will see the following two scenarios:
(1) We fail to push past 6.9k and drop to mid 6,000s
(2) We break 6.9k and push to 7.1k, where I believe the supply will heavily outweigh the demand.
All the best,
Anon.
I want to map out the play for today on a LTF scale. It is within my opinion that we have flipped to a bearish trend when we look at the curvature of the momentum, we clearly see respect to the line on multiple failed tests, and as time goes on, we see an increase in supply and a reduction in demand.
This theory is backed-up by the clear break of our mid-term bullish trend-line with a failed re-test:
Now this may confuse a lot of you, and this is further research I am doing on Bitcoin itself, but if we observe the HTF, we can see the forces pushing BTC down, indicating 7k is the top and next stop is mid 6k's region. Bitcoin respects these pink rays and our recent pivot point has been reached which also highlights the flip to bearish behavior.
Therefore, collating all the evidence, it is within my belief we will see the following two scenarios:
(1) We fail to push past 6.9k and drop to mid 6,000s
(2) We break 6.9k and push to 7.1k, where I believe the supply will heavily outweigh the demand.
All the best,
Anon.