24th May at 2am, BTCAUD hit a new Low Low as we saw a Morning Star appear on the 4hr followed by a series of bullish engulfing candlesticks .
25th May at 6am, as the price reached the top of its short term uptrend, it hit a major level of resistance (+28% over 28 hours) which is also the 38.2% Fibonacci line before retracing slightly (-8.79% over 16 hours) back to the 23.6% Fibonacci level, to create the first top of the emerging triple top retracement pattern.
26th May at 6pm the price increased and hit the same major level of resistance and Fibonacci level (+12% over 20 hours) before retracing slightly (-8.29% over 19 hours) back to the trend line, creating the second top.
27th May at 2pm the price increased and hit the same major level of resistance and Fibonacci level (+8% over 10 hours) before a major retrace (-13.65% to the current low) through the trend line - creating the third top and confirming the completion of the triple top.
I predicted at 2:30pm 28th May that there would be a shorting opportunity from $48750 (break in trend line ) to $43,500 (price slightly higher than major level of support) - taking profits at $44k. This is a change of -9.74%
The STOP LOSS that I would set was at the next major level of resistance $51,750 - which is a change of +6.15%
The resulting RRR is 1.58
If the opportunity to short is missed, the next long entry opportunity will be around the $43-$44k support level . This will be the last opportunity to buy Bitcoin at this price.
The price is currently wavering on either side of the 23.6% Fibonacci level, indicating indecision within the market.
Due to the strong resistance around the $52k mark (38.2% Fib level), the indecision around $47k (23.6% Fib level), I predict that BTCAUD will bottom out one more time at around $43k and be strong entry point for a LONG position.
25th May at 6am, as the price reached the top of its short term uptrend, it hit a major level of resistance (+28% over 28 hours) which is also the 38.2% Fibonacci line before retracing slightly (-8.79% over 16 hours) back to the 23.6% Fibonacci level, to create the first top of the emerging triple top retracement pattern.
26th May at 6pm the price increased and hit the same major level of resistance and Fibonacci level (+12% over 20 hours) before retracing slightly (-8.29% over 19 hours) back to the trend line, creating the second top.
27th May at 2pm the price increased and hit the same major level of resistance and Fibonacci level (+8% over 10 hours) before a major retrace (-13.65% to the current low) through the trend line - creating the third top and confirming the completion of the triple top.
I predicted at 2:30pm 28th May that there would be a shorting opportunity from $48750 (break in trend line ) to $43,500 (price slightly higher than major level of support) - taking profits at $44k. This is a change of -9.74%
The STOP LOSS that I would set was at the next major level of resistance $51,750 - which is a change of +6.15%
The resulting RRR is 1.58
If the opportunity to short is missed, the next long entry opportunity will be around the $43-$44k support level . This will be the last opportunity to buy Bitcoin at this price.
The price is currently wavering on either side of the 23.6% Fibonacci level, indicating indecision within the market.
Due to the strong resistance around the $52k mark (38.2% Fib level), the indecision around $47k (23.6% Fib level), I predict that BTCAUD will bottom out one more time at around $43k and be strong entry point for a LONG position.