BTCs Horizontal Triangle Downward Breakout Probability Scenario
Here's my idea of how Bitcoin's Downward Breakout From The Horizontal Triangle may play out - Probability Scenario which may fulfill the Rising Wedge bearish forecast...
Urgency: Imminent
Downward Breakout Probability Percentage: 50%
Support Levels:
1. $11,200
2. $11,000
2. $10,500
3. $9,500
4. Abyss
Horizontal Triangle Consolidation Expiration Time: Maximum 16 hrs
If it goes north, here are the resistance Levels:
First Target: $12,500
2nd Target: $12,850
3rd Target: $13,100
Final Target: $14K
Here's the opposite scenario, bullish breakout...
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
===============================================
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
4th's The Charm - Bitcoin Breakout
===============================================
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
Urgency: Imminent
Downward Breakout Probability Percentage: 50%
Support Levels:
1. $11,200
2. $11,000
2. $10,500
3. $9,500
4. Abyss
Horizontal Triangle Consolidation Expiration Time: Maximum 16 hrs
If it goes north, here are the resistance Levels:
First Target: $12,500
2nd Target: $12,850
3rd Target: $13,100
Final Target: $14K
Here's the opposite scenario, bullish breakout...
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
===============================================
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
4th's The Charm - Bitcoin Breakout
===============================================
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:
Price moved out of the horizontal triangle and now moving downwards but with weak momentum.
Comment:
Comment:
Horizontal triangle extended.
All targets still valid.
All targets still valid.
Comment:
Drop, Re-Test, Continuation Of Motion On A Downward Trend
Bulls are trying hard to keep the prices from dropping.
Bulls are trying hard to keep the prices from dropping.
Comment:
Prices are back inside the horizontal triangle. All price targets are still valid.
Comment:
Horizontal Triangle got extended.
Price continues to consolidate, price targets still valid.
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
Price continues to consolidate, price targets still valid.
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
