After a bearish stochastic divergence, Bitcoin has taken a fast dive to ~8500 support. The bigger pattern is a symmetrical triangle which will lead to 10,000+, but first, support must be tested. If 8500 is lost (it probably will be), the next support is a major trend line support around 7500.
The weekly chart has a new bullish stochastic divergence that is going to blast this thing back over 10,000. Just have to be patient and wait for the right time to buy.
Looking for an entry around 7500-8000, on the way up. I'm not trying to get in at the bottom, I want to get in on the way up because I know there are big gains ahead...
In a worse case scenario, 7500 doesn't hold and we will be looking at an entry in the 6,000 area.
Good luck!
The weekly chart has a new bullish stochastic divergence that is going to blast this thing back over 10,000. Just have to be patient and wait for the right time to buy.
Looking for an entry around 7500-8000, on the way up. I'm not trying to get in at the bottom, I want to get in on the way up because I know there are big gains ahead...
In a worse case scenario, 7500 doesn't hold and we will be looking at an entry in the 6,000 area.
Good luck!
Trade closed: target reached:
Leg down complete. Excellent risk/reward spot right here. There is some coiling and consolidation on shorter time frames. Look for a bounce.
The stochastic should do some coiling as price tests support and gets ready to make a bigger move up.