reppac

Gann Fann reliability

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Well this Gann fan is proving pretty reliable so far.

Currently we are looking at another couple of days of little movement followed by a dump. This means hovering above the 6000 mark and if things follow the recent pattern, there will be a move up followed by a hug drop down.

Need to be careful here. There is day trading available on the move up, but if missed can be expensive. Stops need to be carefully monitored, and emotions kept in check if making taking a short term long position.

Further to my months long push at 5400 support, I'm looking for a drop past 5400, with a pull back and wobble around the area then watching for bullish movement.

Further to this, there's the financial news of first anniversary of a lot of crypto hedge funds, futures expiration date tomorrow, and we are also inside have a bearish RSI channel.

Keep some liquidity available for "buying the dip." I am going to put myself out there and say this will the end of the current bear trend, but how much the bulls come in and how big the bounce is another question. Lets see how it plays out.
Comment: Playing out reasonably well.
3/1 line was passed resoundingly and we are now stuttering around the 4/1 line, suggesting an imminent move. So far its taken at least two attempts to break any line, so we are potentially looking at a reversal.

Further to this, there is divergence on both the 4hr and the 1 hour (below) RSI, also suggesting a downward swing.
Watching for more flags, especially in the day chart.
Comment: In the 1 hour chart I am looking for a break of the bottom of the channel. Assessing how this compares to the downward movement of the RSI. EG if the support line is broken, but the RSI has hardly budged, there is a good chance of further downward movement, with support arriving around 6400
Comment: Teetering on the edge....
Comment: sticking to the lines well. Once we pass this one, its time to close the idea down, final target surpassed.
There is a lot of positive sentiment in the market, we could see a dribble along the 8/1 line followed by another push up, possible around 6450

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