Hi Dears
Today let's analyze the bitcoin chart by RTM Method and in the daily timeframe.
If you look carefully to this chart, you can see the resistance level (SR Line) at around 21500 then the FTX news cause the market to fall sharply to around 15500. This level was broken on 17 Jan 2023 and the price bounced sharply. The FL is made and we can see that there is a pullback to this FL zone on 10 Feb 2023. This FL was Engulfed 3 days ago and the price returns to its uptrend.
The important thing is that the FL is engulfed clearly by the price so we have to take our bearish scenario.
Also the Quasimodo Pattern is creating and we have to wait for this pattern to be completed. we engulfed the bottom of the left shoulder and a head is seen. When the price reaches the Kink zone, we have to wait for trigger or signal bar. Then we make short at this level.
Becarefull that we have to see the trigger and then go short.
Sincerely
Hosein Poursaei
Today let's analyze the bitcoin chart by RTM Method and in the daily timeframe.
If you look carefully to this chart, you can see the resistance level (SR Line) at around 21500 then the FTX news cause the market to fall sharply to around 15500. This level was broken on 17 Jan 2023 and the price bounced sharply. The FL is made and we can see that there is a pullback to this FL zone on 10 Feb 2023. This FL was Engulfed 3 days ago and the price returns to its uptrend.
The important thing is that the FL is engulfed clearly by the price so we have to take our bearish scenario.
Also the Quasimodo Pattern is creating and we have to wait for this pattern to be completed. we engulfed the bottom of the left shoulder and a head is seen. When the price reaches the Kink zone, we have to wait for trigger or signal bar. Then we make short at this level.
Becarefull that we have to see the trigger and then go short.
Sincerely
Hosein Poursaei