After the first 2 targets were achieved(based on the previous analysis we shared on BTCUSD)
After some mins of looking at the daily time frame chart of BTCUSD, we noticed that the previous target of BTCUSD we posted(link above) are still valid, but the test of near support(retest of the ascending triangle would LIKELY play out as well.
On the daily time frame, a candle stick pattern which was spotted is the INDECISION candle stick pattern. This confirms out entry to the downside.
The wicks protruding out each side of the candle communicates to the trader that price has tried to move both up and down during that candles trading session. The market was unsuccessful in maintaining either higher or lower prices giving this candlestick pattern it’s distinctive anatomy. The wicks poking out either side of the candle body are the tell tale signs of this up and down movement.
Not only are Indecision candles good for reversals signals, they can also act as good price continuation signals. Remember, the indecision candle structure represents uncertainty in the market, the indecisive price behaviour halts price movement in the market.
At the same time the bearish divergence has also been spotted on the same time frame a lot side the measured move up chart pattern(1,2,3,4 move).
NOTE: Price is really indecisive for now, but a move to the down side doesn't really mean price will dump. Near targets at $8396.70 and $8220.06(new support)
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
On the daily time frame, a candle stick pattern which was spotted is the INDECISION candle stick pattern. This confirms out entry to the downside.
The wicks protruding out each side of the candle communicates to the trader that price has tried to move both up and down during that candles trading session. The market was unsuccessful in maintaining either higher or lower prices giving this candlestick pattern it’s distinctive anatomy. The wicks poking out either side of the candle body are the tell tale signs of this up and down movement.
Not only are Indecision candles good for reversals signals, they can also act as good price continuation signals. Remember, the indecision candle structure represents uncertainty in the market, the indecisive price behaviour halts price movement in the market.
At the same time the bearish divergence has also been spotted on the same time frame a lot side the measured move up chart pattern(1,2,3,4 move).
NOTE: Price is really indecisive for now, but a move to the down side doesn't really mean price will dump. Near targets at $8396.70 and $8220.06(new support)
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.