Hi guys I’m looking at the market and things are not looking so great again so I thought it’d be good to share the potential bearish targets that could play out in the next days or weeks based of what I’m seeing in the charts.
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Let me know in the comments what you think.
CPR monthly
CPR monthly update by TheTradingParrot on TradingView.com
As mentioned in the last youtube livestream not making it to the first resistance of 46.5K would show weakness and a potential revisit of the pivots around 40K.
That is what happened in past days.
We also said that we must NOT close a daily candle below the pivots otherwise a revisit to the 30K range would be in play.
And that’s where we are now.
Just purely focusing on what the CPR monthly model is showing us, 31K – the first support, is becoming much more likely than before.
Ascending triangle
Triangle pattern failure targets by TheTradingParrot on TradingView.com
Ascending triangle breakouts are more likely during an uptrend.
The past week we failed to breakout the top of the triangle.
Coincidentally our indicator the hive was signalling a potential dump.
This was also accurate the past time it signalled which is giving me more confidence on using the hive not only on daily but also 4hour timeframes during down trends.
The target of the current breakdown is 31K which also coincides with CPR monthly first support.
It’s important to mention that although the focus of this post is 100% technical there’s very important world events going on driving this price action and the charts are just showing us how investors are unloading risk-on assets in preparation for the worst.
SuperTrend daily flipping bearish
Supertrend daily flipping bearish by TheTradingParrot on TradingView.com
If we close today on 38.4K we will switch supertrend daily back into bearish.
That is pretty unfortunate as that makes for only 2 weeks of uptrend and confirms 45K was only a relief rally and many players used it as an exit.
I’m short for the short term but I’ll remain very vigilant to how things evolve from world news.
We saw how positive news about Ukraine provided a small oasis that catapult the price into 45K zone.
And that gives us an idea of how big of a U-turn to the upside we could see if the bad news were our of the way.
Nothing has changed fundamentally for BTC in my opinion and this is just a general markets reaction.
I still think we will see a few more months of pessimism for risk-on markets.
