This post is a sequel to the one I created yesterday about the descending triangle.
This has now come to fruition.
Blue Bar must hold as support else price could bring Bitcoin down to the 50 Day EMA (Price target: $28.4K)
A bounce from the Blue Bar could rebound price back up to the 21 Day EMA and get rejected by it (DCB -Dead Cat Bounce)
which could then further push Bitcoin down to the 50 Day EMA.
More Power To All Your Trades, My Friends!
Ron
Intrepid_Trader
This has now come to fruition.
Blue Bar must hold as support else price could bring Bitcoin down to the 50 Day EMA (Price target: $28.4K)
A bounce from the Blue Bar could rebound price back up to the 21 Day EMA and get rejected by it (DCB -Dead Cat Bounce)
which could then further push Bitcoin down to the 50 Day EMA.
More Power To All Your Trades, My Friends!
Ron
Intrepid_Trader
Comment:
4 Hour Chart
Comment:
1 Hour Chart
Showing here is the projected path of the 21 Day EMA and where Bitcoin could be rejected from it's bounce off the Blue Bar.
Showing here is the projected path of the 21 Day EMA and where Bitcoin could be rejected from it's bounce off the Blue Bar.
Comment:
15 Min Chart
The Red Trend Line has acted as resistance and will be watching it for another potential rejection along with the 21 Day EMA plus the Red Bar which previously acted as support which could turn to resistance now for Bitcoin.
The Red Trend Line has acted as resistance and will be watching it for another potential rejection along with the 21 Day EMA plus the Red Bar which previously acted as support which could turn to resistance now for Bitcoin.
Comment: