Usually the 4th try to breakout from a resistance or support line is the successful one.
If the Bears pull the price down to the support line but does not have the steam to pull through below the $10,770 level, the Bulls will regain control and may eventually have the 4th chance to break the resistance line (upper red broken line).
If the Bears get to pull the prices down past the $10,770 level, the next level of defense for the Bulls will be the Support Level #2 at the 61.8% Fibonacci Level.
This Fib level is a very common level where prices reverse. If price does hit this level and bounces off, the Bulls will definitely have the upper hand for the next coming weeks.
The general monthly trend of the market is upwards which means we may more than likely see a breakout upwards as this Falling Broadening Wedge matures.
The Falling Broadening Wedge is created by the 2 red broken lines which are in a declined position.
Watch Out! A breakout upwards may occur as the price bounces off right at the top of the Parallel Channel Support @ $10,575.
Remember to always, always place your trailing stops at the appropriate levels.
Be prepared for either scenario.
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
===================================================
Check out this still valid long-term outlook for Bitcoin using:
Bitcoin ABC Elliott Correction Wave & Gann Boxes
Bitcoin's Most Common Reversal Levels
If the Bears pull the price down to the support line but does not have the steam to pull through below the $10,770 level, the Bulls will regain control and may eventually have the 4th chance to break the resistance line (upper red broken line).
If the Bears get to pull the prices down past the $10,770 level, the next level of defense for the Bulls will be the Support Level #2 at the 61.8% Fibonacci Level.
This Fib level is a very common level where prices reverse. If price does hit this level and bounces off, the Bulls will definitely have the upper hand for the next coming weeks.
The general monthly trend of the market is upwards which means we may more than likely see a breakout upwards as this Falling Broadening Wedge matures.
The Falling Broadening Wedge is created by the 2 red broken lines which are in a declined position.
Watch Out! A breakout upwards may occur as the price bounces off right at the top of the Parallel Channel Support @ $10,575.
Remember to always, always place your trailing stops at the appropriate levels.
Be prepared for either scenario.
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
===================================================
Check out this still valid long-term outlook for Bitcoin using:
Bitcoin ABC Elliott Correction Wave & Gann Boxes
Bitcoin's Most Common Reversal Levels
Comment:
The 61.8% Golden Fibonacci Support Level has been reached. Potential rebound from this level will create a higher low, which is a bullish signal. Currently at the time of this posting, the candle is a green doji. When this day expires and the candle remains as a green doji or a green hammer candle, more bullish movement is expected tomorrow.