This is a trend analysis. It is not a trade, so there is no etry point,take profit or stoploss. Today I will analyze the longer trend
First we look at W2 candles. This W2 just hit the EMA50, which is a very strong resistance in technical analysis. Back to chart W1 we see the first price hit the EMA50 then up to Fibo 0.382, the second hit EMA50 then up to 0.618 fibo, the third time the EMA50 was broken. So we can expect the price to return to fibo 0.382 of the W2 chart (11k2)
Second we look at MN1 candles. The price just hit the middle BB so we hope the price will return when hit the middle BB. We also see the price of 11k2 quite reasonable to have chart double top. So chart MN1 will have increased waves
Next is the MN2 chart. Chart MN2 prices are located on the EMA10, pretty nice to return 1 to 2 MN2 candles
But watching to the chart MN3, MN4, MN5 is quite bad. All 3 of these charts see the possibility of deeper.
Conclusion: September is a very important month. It almost determines the direction of the market from half a year to one year. If the September candles breaks below the BB, then it will take us some time to recover. If September is over 7780 or higher above 9k3, then pretty much in the long term, it breaks all the bad in the chart MN3,4,5 and the future of the BTC
This article is only a trend analysis with no entry point so plz consider carefully before entering the trade.
In this chart we use the BB, EMA, Fibo
Thanks so much!!!
First we look at W2 candles. This W2 just hit the EMA50, which is a very strong resistance in technical analysis. Back to chart W1 we see the first price hit the EMA50 then up to Fibo 0.382, the second hit EMA50 then up to 0.618 fibo, the third time the EMA50 was broken. So we can expect the price to return to fibo 0.382 of the W2 chart (11k2)
Second we look at MN1 candles. The price just hit the middle BB so we hope the price will return when hit the middle BB. We also see the price of 11k2 quite reasonable to have chart double top. So chart MN1 will have increased waves
Next is the MN2 chart. Chart MN2 prices are located on the EMA10, pretty nice to return 1 to 2 MN2 candles
But watching to the chart MN3, MN4, MN5 is quite bad. All 3 of these charts see the possibility of deeper.
Conclusion: September is a very important month. It almost determines the direction of the market from half a year to one year. If the September candles breaks below the BB, then it will take us some time to recover. If September is over 7780 or higher above 9k3, then pretty much in the long term, it breaks all the bad in the chart MN3,4,5 and the future of the BTC
This article is only a trend analysis with no entry point so plz consider carefully before entering the trade.
In this chart we use the BB, EMA, Fibo
Thanks so much!!!