On the above daily chart price action has corrected over 80% since May of last year. Now is an excellent time to be long. Why?
1) The ‘incredible buy’ signal printed.
2) Trend reversal, higher highs / higher lows are printing in price action and RSI.
3) Hidden bullish divergence. This is defined by price action printing a higher high at the same time an oscillator prints a lower low, namely stochastic RSI.
4) Lastly on the weekly BTC pair price action breaks through the 21-week EMA support (below).
Is it possible price action falls further? Sure.
Is it probable? No.
Target? $100, at first. This is derived from the falling wedge breakout as shown on the 10-day chart below. The flagpole of the wedge measures the target.
Good luck!
Ww
Weekly BTC pair
10-chart
Trade active
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Excellent moment as price action tests the golden ratio. First test point $27.
Comment
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On the daily chart price action is absolutely being squeezed into the corner of current wedge pattern. If a breakout is confirmed it should result in a 70% upside move.
“It meets all the rules” — now down ~60%. I think the rules need to be revisited, and ditto for all the other ‘incredible buy printed’, ‘bullish divergence’, ‘look at the coffee grain’ calls.
impressiveDiam75309
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is the signal still valid
without_worries
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@impressiveDiam75309, Yes. This is the 3-day BTC pair, incredible buy and divergence with price action bouncing off the golden ratio and support on the 50-day MA.
I know it's tough, but this will be good event, the market needed a capitulation.
If you had read my 'what if' idea lately, BAL is one of them. It meets all the rules.
KoDPrey
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hi please take a look on my last bal/usdt chart and tell me what do you think as well. BAL got smashed all the way down to 14.3$.
@KoDPrey, The target you've identified is very similar to what is see on the daily chart below. You have price action consolidating within a falling wedge pattern. The flagpole extension measures a target of $27 once the breakout is confirmed. I forget the exact percentage, however these patterns break to the upside the majority of the time.
Regynald
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I have this little nugget in my stash. What timeframe are you thinking?