Bitcoin has gone too far. At the moment, the quotes reached $22956. Long or short? That's the questi
BTC is in a very dangerous position for the speculative part of the crypto world. Now any short-term transactions will resemble a roulette game. Vertical volumes show that the asset is in the area of a very important level. What are the probabilities for the current position?
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On the hourly chart, we see the formation of a triangle and the probability of an ABCDE Elliott correction inside this triangle.
I wrote the goals for this triangle in a closed channel and how to trade these levels.
At first I thought that we were developing a five-wave pattern, until I drew the resistance line of our main bearish trend along the closes on weekly candles. This is a thin yellow line that forms our triangle.
The red line is the resistance drawn along the extremes of the shadows of the same candles for a week.
The potential of the triangle is just in the area of the red resistance line.
The signal line and the moving average on the MACD indicator are above the neutral zone, which indicates the predominance of an upward trend.
Vertical volumes are increased, which is quite natural near such important levels.
What risks do we have from the current levels? I have been writing about them in a closed tg since July 10. There is a possibility of developing a correction according to Bill Wolf. Therefore, you need to be very careful with transactions at current levels. Shock wave six on Wolfe is relevant right now, more than ever.
The funding is overheated. This suggests that longists use excessive leverage and pay a premium to shortists every 8 hours to hold their positions and balance the margin market.
Historically, such funding indicates a local price reduction. Most likely, up to the lower boundary of our triangle is $21,800.
Longs on ratio are approaching 50%, which indicates a decrease in liquidity from above. This is natural for such correction triangles, which we have considered in this article.
Disclaimer: not financial advice.
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