Hello Friends, Traders and Interested,
I think its time for a little update to BTC. Lets see the chart.
I think BTC is again near to an important "decision". As you can see in the cart, we are inside an ascending wedge inside a bigger bearish channel. BTC tried to fall down from this ascending wedge yesterday and today, but not with "enough" power ( volume / momentum) and so BTC went back into the wedge. Now I adjusted the bottom line of this wedge due to the outbreak-attempts.
What might happen now?
As you can sse in my chart, I have signed 2 scenarios.
1. Outbreak from the wedge to the upside. Target at first 9000.
2. Breakdown the wedge. First target 8100- 8000.
In my opinion the 2nd sceanrio is much more likely. And I see a further downtrend if we go to around 8100 - 8000. Next stop around 7350- 7250. This might be a good reversal point for a strong uptrend. If this area should not hold, I think we will go down to 6.5 K area. This is - in my opinion - a very critcial area. If we reach this area, we should see a so called " moon - ride ", because the 6.5 k area would be triple bottom since February. If this point should also not hold,........ hmmmmmm, than will be very dark..
Okay, but if we should reach this area, I will of course do a special TA.
A few words to the 1st scenario. If we should break out from to the upside of the wedge, I see a first target at around 9 K. This will bring a lot of people again in long positions, but be careful. The 10 K area is a very very hard resistance area. If we will again not break this 10 K, I see BTC again in big problems ( would mean a triple top).
OK, the next Hours (day) we should watch the price movements inside the wedge. If we break the wedge ( upwards or downwards) be careful with opening a long or short position. Wait for a confirmed breakout. Best is in this case to take a look at the 15 or better 30 minute chart. If the outbreak should show 2 similar candles ( 2 green after uptrend break; 2 red after downtrend break) the trade might be opended. You need not to wait for these two candles, if the breakout shows a powerful increase in the volume.
Okay, as always, not trading advice, just educational.
Trade safe and trade on your own risk.
Yours Sascha
A Like and a Follow makes me happy.
I think its time for a little update to BTC. Lets see the chart.
I think BTC is again near to an important "decision". As you can see in the cart, we are inside an ascending wedge inside a bigger bearish channel. BTC tried to fall down from this ascending wedge yesterday and today, but not with "enough" power ( volume / momentum) and so BTC went back into the wedge. Now I adjusted the bottom line of this wedge due to the outbreak-attempts.
What might happen now?
As you can sse in my chart, I have signed 2 scenarios.
1. Outbreak from the wedge to the upside. Target at first 9000.
2. Breakdown the wedge. First target 8100- 8000.
In my opinion the 2nd sceanrio is much more likely. And I see a further downtrend if we go to around 8100 - 8000. Next stop around 7350- 7250. This might be a good reversal point for a strong uptrend. If this area should not hold, I think we will go down to 6.5 K area. This is - in my opinion - a very critcial area. If we reach this area, we should see a so called " moon - ride ", because the 6.5 k area would be triple bottom since February. If this point should also not hold,........ hmmmmmm, than will be very dark..
Okay, but if we should reach this area, I will of course do a special TA.
A few words to the 1st scenario. If we should break out from to the upside of the wedge, I see a first target at around 9 K. This will bring a lot of people again in long positions, but be careful. The 10 K area is a very very hard resistance area. If we will again not break this 10 K, I see BTC again in big problems ( would mean a triple top).
OK, the next Hours (day) we should watch the price movements inside the wedge. If we break the wedge ( upwards or downwards) be careful with opening a long or short position. Wait for a confirmed breakout. Best is in this case to take a look at the 15 or better 30 minute chart. If the outbreak should show 2 similar candles ( 2 green after uptrend break; 2 red after downtrend break) the trade might be opended. You need not to wait for these two candles, if the breakout shows a powerful increase in the volume.
Okay, as always, not trading advice, just educational.
Trade safe and trade on your own risk.
Yours Sascha
A Like and a Follow makes me happy.
Comment:
exactly as predicted, fineeeeeeee:
Comment:
Update, BTC again broke the 8 K level. New chart shows a possible much bigger problem:
LETS WAIT AND SEE
yours
Sascha
LETS WAIT AND SEE
yours
Sascha