Hello, today we can see that BTC has formed a "W" Pattern. This scenario is valid because : -it didn't retrace more than 50% of Fibonnaci - The 2nd low isn't lower or as low as the first one (didn't break the neck line or made a double bottom) -We have a divergeance on the RSI
This scenario will be valid when it will break the highest point of the last rise. The probabilities of going up are 80% (AB=CD Pattern) This scenario will be invalidated if be break the neck line
Personally I see it as a descending triangle which is likely to break down. The real issue will be if it can break below the 200sma. If it can then we are likely going to fill the CME gap if not go lower. There is always a possibility of upside; but descending triangles seem to work exceptionally well on BTC.
One-Up-Fx
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@RoboCrypto127, I think the gaps will be filled later , because when it'll reach 12.4k it will fall again to 7200 and deeper in my plan
RoboCrypto127
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@ZaydBENH, It's really important how this daily candle closes IMO. I could flip bullish if the right things are in place. The problem I have with your statement is that if we go up to 12.4k I think we'd only go up from there, I just don't see it being a strong resistance like you're saying.
One-Up-Fx
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@RoboCrypto127, I'll publish a new chart when we get the next move, we can only watch at the moment