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Please reference my last 2 posts on BTC before reading this one!
BTC never went back under the 0.786 level from the previous analysis. We waited for a better entry level down at the $9,500 level but never got it. Throughout the day we had a consolidation pattern that "should" have broken to the downside but our MACD oscillator gave us a clue as to why that wouldn't happen. Instead of negative momentum to begin again after cooling down from the previous drop, we saw positive momentum shift the trend, breaking the pendant to the upside exactly to the 0.5 fib level. price bullishly consolidated over the potential bear flag and broke up to the 0.5 level again to break it. Now we are bullishly consolidating again, and this time over a descending channel that broke down from $11,000 range. If the daily candle ends up looking like this one seen right before this rise up until $12,400, we should start to see something resembling a new rising channel formation to the ultimate target of $11,700! We can see on the RSI 1D chart that there is a bullish divergence bounce from the same level while sustaining lower prices.
Let me know what you think will happen with BTC!
This is only my opinion! This is not financial advice!
Leave a like and comment!
Follow me if you enjoy these updates!
Please reference my last 2 posts on BTC before reading this one!
BTC never went back under the 0.786 level from the previous analysis. We waited for a better entry level down at the $9,500 level but never got it. Throughout the day we had a consolidation pattern that "should" have broken to the downside but our MACD oscillator gave us a clue as to why that wouldn't happen. Instead of negative momentum to begin again after cooling down from the previous drop, we saw positive momentum shift the trend, breaking the pendant to the upside exactly to the 0.5 fib level. price bullishly consolidated over the potential bear flag and broke up to the 0.5 level again to break it. Now we are bullishly consolidating again, and this time over a descending channel that broke down from $11,000 range. If the daily candle ends up looking like this one seen right before this rise up until $12,400, we should start to see something resembling a new rising channel formation to the ultimate target of $11,700! We can see on the RSI 1D chart that there is a bullish divergence bounce from the same level while sustaining lower prices.
Let me know what you think will happen with BTC!
This is only my opinion! This is not financial advice!
Comment:
The resembles is uncanny!
$10,500 Is the target area.
The resembles is uncanny!
$10,500 Is the target area.
Comment:
different approach 1D chart hammer formation in confluence area, false breakout.
different approach 1D chart hammer formation in confluence area, false breakout.
Comment:
visualized on the 4H chart
Comment:
Comment:
measure the flag for yourself! they are the same size!