MCO Global’s Post

$BTC: So far, the break of the green trend line has been a good signal to indicate a shift in trend from a local uptrend to a local downtrend. It is possible that wave c of (A) is now unfolding and the white scenario is what I follow primarily as long as the price holds below the B-wave top at $67,300. #Bitcoin

$BTC: Micro resistance is defined between $59,028 and $58,376. If the price forms an upside move in a corrective fashion from the intraday low and then breaks down below the intraday low after reacting to resistance, this would indicate that the price attempts to drop in yellow wave (c). #BTC #Bitcoin #ElliottWave

$BTC & $ETH look almost identical the last few days, that is pretty interesting. However... Stretch the chart out a bit and it is a very different story. #BTC outperformed #ETH by a decent amount. ------------------------------------ Both $BTC showed upcoming weakness. However, Futures #BTC Money Flow went below 0 & stayed there. Spot recovered fast but #bitcoin went lower in April! Now, we see Futures Money Flow gaining momentum again. Spot has been hanging around here for a bit. Looks like derivatives are STILL dictating #bitcoin price action. Tibor Baranski Jr. https://lnkd.in/e59xuHuZ

$BTC: The green trend line keeps the uptrend intact. I have to assume that wave (B) was shallow, but the micro structure is not reliable. I expect to see resistance at the 38.2% retracement at $62,626 and when the price reaches the descending trend line. #BTC #Bitcoin

$BTC: I have added the yellow scenario, which is the path into the $40,000 region, also to the short-term chart now. This direct downside pathway would be invalidated with a break above the $60,300 level, and would be confirmed further with a break below the Thursday low, which formed at $56,200. While I would like to see higher prices, the structure that developed from recent lows just does not give me confidence and therefore we have to remain flexible and we have to be prepared for this possibly bearish outcome. #Bitcoin #BTC #ElliottWave

$BTC: Soon a 3-wave move down from the $68,550 price top should be complete. The 100% extension is located at $64,200, which is a key level. Support below this level can be found at $63,300 and $62,390. It looks as if wave (C) to the downside needs a few more downside adjustments before it is completed. Bull or Bear? #Bitcoin #BTC #BullMarket

$BTC has touched the DOWNTREND line six times these past few weeks. This tends to be bullish as the more times it hits the weaker the downtrend gets, eventually giving way to a rally. This #BTC peak is very different than the last two, by far. Worth noting, the longer it consolidates the BIGGER the move is likelier to be. #Bitcoin needs GOOD volume to upside to confirm. Tibor Baranski Jr. https://lnkd.in/eY59-xmf

$BTC: The price appears to be topping in either a broader wave b in yellow or wave A of circle wave 3 in white. Support for wave B of circle wave 3 is now identified between $95,937 and $99,258. The triangle pattern I have been watching has been invalidated; however, an updated bullish scenario (directly bullish) has been incorporated based on the latest available price data. #Bitcoin #BTC #BullMarket

$BTC Update 1h: The price has reached the Fibonacci support zone, and the current outlook holds as long as a reversal to the upside takes place soon. If the decline persists and breaks decisively below $64,780, the immediate bullish scenario targeting a rally toward $73,500+ will be under serious pressure. However, no significant changes have occurred in the last few hours. #Bitcoin #BTC

$BTC: (1D) Still no 5 waves up and still below resistance. The daily RSI is now getting close to oversold territory. The daily chart does not show bullish divergences. What I am trying to say is this price action is not bearish, but we have no confirmation of a low and at this stage we could easily test the lower and larger support zone that has offered support in recent months. A small capitulation event would actually be good to get the next rally started. Still worth to be on the side of caution. What do you think? #Bitcoin #BTC #elliottwave