Welcome to this brand-new trading week!
Last week I mentioned in my previous analysis: ''I introduce you to the weekly chart of BTC, we are currently at critical resistance just before the weekly close.
The price of BTC is approaching the 50 EMA (orange) and the 100 EMA (blue), so I think the upside is limited from here.''
Well that has played out nicely, on Wednesday we had a cruel bull trap executed at its finest around 5450-5480. It was a breakout on low volume with big divergences on multiples time frames on the 9th weekly candle of the TD sequential at a cluster of EMA and Fibonacci resistance and also some significant Elliot wave counts! And behold my secret trend line :P that dates back to the beginning of the last bull market (2015) turned into resistance.
Also, a free tip: if you don't see big cap alt coins following BTC and not making higher highs be cautious!
For anybody who was long last week, seek out for more education before you get REKT!
So where does the market go from here? I will make a new chart on a lower time frame for a more in depth view!
If you like our ideas please leave a like and follow us here and on Telegram : /CryptoSantaFortuna
Arrivederci!
Last week I mentioned in my previous analysis: ''I introduce you to the weekly chart of BTC, we are currently at critical resistance just before the weekly close.
The price of BTC is approaching the 50 EMA (orange) and the 100 EMA (blue), so I think the upside is limited from here.''
Well that has played out nicely, on Wednesday we had a cruel bull trap executed at its finest around 5450-5480. It was a breakout on low volume with big divergences on multiples time frames on the 9th weekly candle of the TD sequential at a cluster of EMA and Fibonacci resistance and also some significant Elliot wave counts! And behold my secret trend line :P that dates back to the beginning of the last bull market (2015) turned into resistance.
Also, a free tip: if you don't see big cap alt coins following BTC and not making higher highs be cautious!
For anybody who was long last week, seek out for more education before you get REKT!
So where does the market go from here? I will make a new chart on a lower time frame for a more in depth view!
If you like our ideas please leave a like and follow us here and on Telegram : /CryptoSantaFortuna
Arrivederci!
