WBM_Team

BTC – 4 scenarios to follow in the near future

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi Guys!
BTC is struggling with the lack of an interest thus volume is very low.
We distinguished 4 possible (fulfilling) scenarios in the close future.

  • The price chart is currently in the middle of the rectangular triangle which is a neutral pattern.

  • We broke EMA 9 and EMA 21 and what is even more important EMA9 broke EMA 21. This is positive.

  • We are at the end of the falling wedge which is also bullish but in order to jump up out of this pattern, we need more positive volume .
    Speaking of which when looking at the Weis Waves we can clearly see there is no interest. A bit of demand has shown up and no supply. So this
    is touch and go and e have to wait for more information and observe this pattern.

  • We can also distinguish weakly tilted support which might be another level of the support.

    MACD looks good as we can see their positive divergence.

Here are 4 possible scenarios
1. The most optimistic one – due to positive info we will have more demand and we will manage to break up the triangle shape which ends up
at $6500 level and we will even go further breaking another resistance at $6600.
2. Neutral one – we will stay in the triangle moving slowly towards $6500 level.
3. Slightly negative – we can mark up weakly tilted support which might be another level of the support. It is possible to stop there but still,
this is below the triangle pattern .
4. Negative – we jump out of the triangle pattern and the break the support down. Anyway, we should stay within falling wedge borders.

So guys, time will tell which scenario will come into effect.
The first info we should get will be as soon as 5th of November.
On Monday SEC will decide whether they postpone their decision regarding ETFs again (most likely) or they will say YES or NO (less likely).

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WBM Team.
Comment: Falling wedge
Comment: MACD and Weis Volume
Comment: Scenario 2 in force - still got stuck in the green triangle zone
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Related Ideas

your blue downtrend line is coming from where...?
Reply
WBM_Team evolmk99
@evolmk99, do you mean falling wedge? It is on the second pic
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