General Trend: Upwards (Price dipping below $10,900 and closes below it will break market structure and trend will reverse to downwards.)
Probability of Breaking Downwards: 60%
Downward Targets
Target #1: @ 61.8% Golden Fibonacci Level - $11,093.58
Ultimate Target: @ 23.6% Fibonacci Level - $9,866.79 (This level may potentially create the lower low of this consolidation period since the June 26 high)
Upward Targets (While Consolidating Inside The Rising Wedge):
Target #1: @ 78.6% Fibonacci Level - $11,633.11(Coinciding with resistance at the 200EMA)
Target #2: 50% Fibonacci Level (ATH) @ $11,511 (Coinciding With The 55EMA
Target #3: Resistance Levels At The Upper Trend Line Of The Descending Triangle
Target #4: Resistance Line (Upper Trend Line of the Rising Wedge)
Trade the breakout. Trade the breakout. Trade the breakout.
Warning! Watch for FU moves, extremely large wicks to the downside to take out short positions and instantly wick back up or vice versa, algo bots are set to hunt for stop losses.
Remember to always, always place your trailing stops at the appropriate levels as not to get stopped out at your trades.
>>>>> Always be prepared for either scenario of upwards movement or downwards movement. <<<<<
Happy Trading Everyone.
Ron
Here's the Day Chart:
============================================
Check out these still valid mid-term outlook for Bitcoin using:
Support and Resistance Lines
The Trend-Based Fibonacci Extension Tool
Elliott Impulse And Correction Waves
============================================
Check out these still valid long-term outlook for Bitcoin using:
Bitcoin ABC Elliott Correction Wave & Gann Boxes
Bitcoin's Most Common Reversal Levels
Fractals: Hmmm, Pretty Similar To Me Bitcoin
============================================
Check out Bitcoin Cycles
Bitcoin Cycle Of Rise, Peak, Drop
Probability of Breaking Downwards: 60%
Downward Targets
Target #1: @ 61.8% Golden Fibonacci Level - $11,093.58
Ultimate Target: @ 23.6% Fibonacci Level - $9,866.79 (This level may potentially create the lower low of this consolidation period since the June 26 high)
Upward Targets (While Consolidating Inside The Rising Wedge):
Target #1: @ 78.6% Fibonacci Level - $11,633.11(Coinciding with resistance at the 200EMA)
Target #2: 50% Fibonacci Level (ATH) @ $11,511 (Coinciding With The 55EMA
Target #3: Resistance Levels At The Upper Trend Line Of The Descending Triangle
Target #4: Resistance Line (Upper Trend Line of the Rising Wedge)
Trade the breakout. Trade the breakout. Trade the breakout.
Warning! Watch for FU moves, extremely large wicks to the downside to take out short positions and instantly wick back up or vice versa, algo bots are set to hunt for stop losses.
Remember to always, always place your trailing stops at the appropriate levels as not to get stopped out at your trades.
>>>>> Always be prepared for either scenario of upwards movement or downwards movement. <<<<<
Happy Trading Everyone.
Ron
Here's the Day Chart:
============================================
Check out these still valid mid-term outlook for Bitcoin using:
Support and Resistance Lines
The Trend-Based Fibonacci Extension Tool
Elliott Impulse And Correction Waves
============================================
Check out these still valid long-term outlook for Bitcoin using:
Bitcoin ABC Elliott Correction Wave & Gann Boxes
Bitcoin's Most Common Reversal Levels
Fractals: Hmmm, Pretty Similar To Me Bitcoin
============================================
Check out Bitcoin Cycles
Bitcoin Cycle Of Rise, Peak, Drop
Comment:
Bigger Picture. Potential Inverted Head & Shoulders.
Comment:
Price continues to drop.
If downward movement is aborted, this idea may play out.
We'll see where the market takes us.
If the Inverted Head & Shoulders pattern also plays out, will buy at the rebound.
If downward movement is aborted, this idea may play out.
If the Inverted Head & Shoulders pattern also plays out, will buy at the rebound.