Hi,
This sideways movement starts to become pretty boring. I haven't seen a while good trading opportunities with Bitcoin. I want to keep my followers updated but I just cannot see a point to do that if there is nothing interesting. I looked at it from one angle, I looked at it from another angle and the result is in front of you.
The most likely scenario would be a downwards movement which should get fully confirmed after the price has managed to break that black counter-trendline and it has to get a candle close below of it to be fully confirmed breakout. All the current price action should stay inside the expected channel range (blue lines) and this counter trendline break should open the door to the downwards, to the ~8,500. There is a round number of $9,000 and some EMAs to making this movement harder but possibly they cannot stop it. So, if we get a candle close below the current short-term counter-trendline then the target should stay $8,650 (always be less greedy than others) ;)
To think a little bit forward then this target area could be also another trading opportunity for buyers - it is also a possible reversal area. This move gets confirmed after we have seen a bullish reversal indication candlestick pattern around the red a green area.
Reversal area consists of:
1) Fibonacci retracement 62%
2) Strong area/support/price level ~€8,500
3) Channel projection
4) AB=CD
5) Fibonacci extension 2x
6) Middle nr. $8,500 itself should act as a support level.
7) As said, to be more secure, wait for a bullish candlestick formation from the marked area.
If the price starts to approach that reversal area then definitely I'll make an update!
If it was helpful then take a second and support my effort by hitting the "LIKE" button, it is my only fee from You!
Regards,
Vaido
This sideways movement starts to become pretty boring. I haven't seen a while good trading opportunities with Bitcoin. I want to keep my followers updated but I just cannot see a point to do that if there is nothing interesting. I looked at it from one angle, I looked at it from another angle and the result is in front of you.
The most likely scenario would be a downwards movement which should get fully confirmed after the price has managed to break that black counter-trendline and it has to get a candle close below of it to be fully confirmed breakout. All the current price action should stay inside the expected channel range (blue lines) and this counter trendline break should open the door to the downwards, to the ~8,500. There is a round number of $9,000 and some EMAs to making this movement harder but possibly they cannot stop it. So, if we get a candle close below the current short-term counter-trendline then the target should stay $8,650 (always be less greedy than others) ;)
To think a little bit forward then this target area could be also another trading opportunity for buyers - it is also a possible reversal area. This move gets confirmed after we have seen a bullish reversal indication candlestick pattern around the red a green area.
Reversal area consists of:
1) Fibonacci retracement 62%
2) Strong area/support/price level ~€8,500
3) Channel projection
4) AB=CD
5) Fibonacci extension 2x
6) Middle nr. $8,500 itself should act as a support level.
7) As said, to be more secure, wait for a bullish candlestick formation from the marked area.
If the price starts to approach that reversal area then definitely I'll make an update!
If it was helpful then take a second and support my effort by hitting the "LIKE" button, it is my only fee from You!
Regards,
Vaido
Trade closed: target reached:
At the moment, the BTC price has reached to the sell target - first half of a plan has played out pretty nicely.
Now the second half: “The move upwards gets confirmed after we have seen a bullish reversal indication candlestick pattern around the red a green area.
Reversal area consists of:
1) Fibonacci retracement 62%
2) Strong area/support/price level ~€8,500
3) Channel projection
4) AB=CD
5) Fibonacci extension 2x
6) Middle nr . $8,500 itself should act as a support level .
7) As said, to be more secure, wait for a bullish candlestick formation from the marked area.“
Now the second half: “The move upwards gets confirmed after we have seen a bullish reversal indication candlestick pattern around the red a green area.
Reversal area consists of:
1) Fibonacci retracement 62%
2) Strong area/support/price level ~€8,500
3) Channel projection
4) AB=CD
5) Fibonacci extension 2x
6) Middle nr . $8,500 itself should act as a support level .
7) As said, to be more secure, wait for a bullish candlestick formation from the marked area.“
Comment:
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