Chart looks uglier since the last post.
- 🔹Picture 1:
We're "bearly" (barely) holding 50W EMA Weekly RSI support.
21W EMA at 111k is resistance now.
I expect bounces to be sold until we close back above 2024 High (108k) or even 21W EMA (111k)
- 🔹Picture 2:
Everyone is talking about the 50W EMA touch as if it's going to solve all our problems. Even if we do what we did in the past, it's likely we sell the bounce first and bottom on the second touch with a lower low.
It's also likely Daily RSI needs to form bullish divs before we bottom.
Last but not least, the next BTC rally (whenever that happens) will be distributive and last until we hit the Daily RSI-70. Sell there.
- 🔹Picture 3:
Monthly Open 109555
MACD 🫣
I won't pretend I know what happens next cos I don't.
I've only bid the lows because I understand that either way we're really close to the end of this bull-market.
QT started in June 2022, very close to the market bottom, QT ends in December which could mark the market top.
Ideally bulls want to see a time-based low here, followed by a rally to new ATHs.
Closing a weekly candle below 2024 High 2024 Weekly Highest Close would be a significant swift in momentum.