Hi Swingtraders,
This is a highly speculative idea but it is based mainly on:
The more speculative thing about this idea is that a retracement from here to the golden FIB area will enable the high possibility of validate a giant cup & handle that would prepelle BTC to a new uptrend and the beginning of a new bullmarket.
This FIB retracement would just delay the golden cross that everyone is looking and this FIB also coincide with heavy resistance/support prices, so it makes sense to play out very well.
Beside de Daily TF, on the Weekly I've been looking the Hichimoku and also the possible bearish cross of the 50 MA going above the 20 MA, but this would be evolve in more a touching than a cross and the 20MA will rise above as we enter the new up trend
This is a highly speculative idea but it is based mainly on:
- Loosing Momentum as observed in; RSI, the bearish Rising Wedge that has been forming on the Daily TF, and because of this week price fundamentals.
- Heavy resistance from 9800 to 10000 as backup up in weekly Hichimoku (not shown in this graph).
The more speculative thing about this idea is that a retracement from here to the golden FIB area will enable the high possibility of validate a giant cup & handle that would prepelle BTC to a new uptrend and the beginning of a new bullmarket.
This FIB retracement would just delay the golden cross that everyone is looking and this FIB also coincide with heavy resistance/support prices, so it makes sense to play out very well.
Beside de Daily TF, on the Weekly I've been looking the Hichimoku and also the possible bearish cross of the 50 MA going above the 20 MA, but this would be evolve in more a touching than a cross and the 20MA will rise above as we enter the new up trend
Comment:
by the that, the FIB drawn it is speculative because as the title say, a swing high is not confirmed yet
