Are the bulls about to get slaughtered?

Are the bulls about to get slaughtered?

Hello everyone!
So, bitcoin exploded today! We’re SO BULLISH! NEW ATH IN 2 DAYS!!!!!
Has anybody learned ANYTHING about this market!?

While the permabulls on social media are celebrating, I’m wondering why.

We are closing this daily DIRECTLY underneath pennant resistance.
We now look to have completed a full 5 waves upwards with an ABC soon to follow.
Death cross on the weekly. (WHY is literally noone talking about this?)
MASSIVE hidden bearish divergence in the RSI , that continues to grow stronger. (I’ve been talking about this for days now.)
Daily is getting rejected at almost exactly 70 RSI . (Another higher high in the RSI while price continues to print lower highs.)
Weekly RSI is situated right at 40. This is the first test of RSI 40 on the weekly since we broke below it.

Fib timezone predicted this weekly candle to be green, and there is another fib timezone immediately after this weekly candle. Guess what should come next? Psychology 101: Induce hope to induce maximum pain.

What happened last time we had this divergence?

Mr. Renev has an excellent post on this, which can be seen here:

So, if we fail to close a daily candle above $4,070 by next weeks candle, we’re going DOWN. And that’s IF we don’t have a rejection starting today.
Bulls, what are you celebrating for? This looks to be close to the end of the road for now. If SOMEHOW we are able to create a higher high, then and ONLY THEN will I turn bull. At that point, a $6k target or higher is not unreasonable.
Fair warning, I still believe we may see some more upside before this thing turns around. We have until the weekly close to make a higher high.

Until I see a higher high I am BEAR and would suggest SHORTING this thing into the ground. If pennant support fails to hold once we get there, we’re looking at $3,151/$2,450 for our next stop.
Good luck.

Published at Tue, 19 Feb 2019 00:02:52 +0000