Hello all cryptoonions,
BTC has still yet to show any bullish reversal so far. It is now well under the daily 0.618 fib with little established support below the 2018 low. If we zoom out to the daily chart, in theory the massive run up to the ATH is the flag pole and the current price is now at the apex of the flag as shown in purple triangle. At the bottom is the $6000 mark, and will it hit again? It is looking like a break above the green trend line will signal a breakout that BTC needs. A break below the yellow bottom will signal further sharp falls. As BTC is close to the apex of the massive triangle the break will be sharp, whichever way so be prepared. also, There is a massive confluence of factors(purple ,green, yellow lines) at the $7000 -$7200 mark which will take an almighty breakout to happen right now. We all know that wont happen right now because of the lack of buyers. So sit back relax. My December estimate is still at $12000 USD. While not the moon it is realistic and is a platform for next level.
*Please like or follow if you are happy with this TA.
*Each individual trading position is unique and this information should not be used to formulate any type trading plan.
BTC has still yet to show any bullish reversal so far. It is now well under the daily 0.618 fib with little established support below the 2018 low. If we zoom out to the daily chart, in theory the massive run up to the ATH is the flag pole and the current price is now at the apex of the flag as shown in purple triangle. At the bottom is the $6000 mark, and will it hit again? It is looking like a break above the green trend line will signal a breakout that BTC needs. A break below the yellow bottom will signal further sharp falls. As BTC is close to the apex of the massive triangle the break will be sharp, whichever way so be prepared. also, There is a massive confluence of factors(purple ,green, yellow lines) at the $7000 -$7200 mark which will take an almighty breakout to happen right now. We all know that wont happen right now because of the lack of buyers. So sit back relax. My December estimate is still at $12000 USD. While not the moon it is realistic and is a platform for next level.
*Please like or follow if you are happy with this TA.
*Each individual trading position is unique and this information should not be used to formulate any type trading plan.