Classic Descending Triangle Break - Landing Possibilities?
BTC broke out of this formation as I expected, even though it first fooled me with what seemed to be a very compacted triangle formation that continued to the current one indicated on my chart. Now that it has broken out, contrary to the majority of the predictions being made by the YouTube motor mouths, do we have evidence as to what the possible landing spots will be after the slide is over?
Yes.
Lets take a look at the evidence we already see on the Green fib circle rings. You can see how the red candle dipped and corrected right back up to the 4.236 fib circle boundary before starting the next 4-hour candle, which then dipped straight down to the 4.618. The candle poked down through that boundary, but wicked right back up to the 4.618 line. At the time of this update, this particular candle has not closed. I expect it to close at or near the 4.618 line before the the slide continues. And I expect the slide to continue, because we are not even below the 20% boundary on the stochastic. That means we are not in the "oversold" condition yet, per the 4-hour chart.
What's next? The Big Red 3.618 is looming right below. That's target #1. If momentum continues to the downward side, there is a point of confluence right below with the Big Red 4.236 and the top of the former parallel trading channel that we watched all summer long. Don't be surprised if price doesn't land right at the intersection of the 4.236 and the parallel trading channel. That will be target #2.
IF we make it to target #2, I'm thinking the bear market has not completed its final phase yet. Anything is possible if we correct back down to the upper boundary of the parallel trading channel. There's a 50/50 chance of a bull market starting right after touching down, or a drop and final correction to as low as $5400.
Not financial advice. Entertainment purposes only.
Carlton Flowers
The CryptoPro
Yes.
Lets take a look at the evidence we already see on the Green fib circle rings. You can see how the red candle dipped and corrected right back up to the 4.236 fib circle boundary before starting the next 4-hour candle, which then dipped straight down to the 4.618. The candle poked down through that boundary, but wicked right back up to the 4.618 line. At the time of this update, this particular candle has not closed. I expect it to close at or near the 4.618 line before the the slide continues. And I expect the slide to continue, because we are not even below the 20% boundary on the stochastic. That means we are not in the "oversold" condition yet, per the 4-hour chart.
What's next? The Big Red 3.618 is looming right below. That's target #1. If momentum continues to the downward side, there is a point of confluence right below with the Big Red 4.236 and the top of the former parallel trading channel that we watched all summer long. Don't be surprised if price doesn't land right at the intersection of the 4.236 and the parallel trading channel. That will be target #2.
IF we make it to target #2, I'm thinking the bear market has not completed its final phase yet. Anything is possible if we correct back down to the upper boundary of the parallel trading channel. There's a 50/50 chance of a bull market starting right after touching down, or a drop and final correction to as low as $5400.
Not financial advice. Entertainment purposes only.
Carlton Flowers
The CryptoPro