Pay close attention in the next few days. There is a possibility that BTC just pivoted, and could be continuing the bearish trend. As exciting as this up-trending channel has been in the past few days, I would exercise caution because the price line just printed a new lower low for the first time.
If you've noticed, I have a new fib circle set on my BTC chart now. It is based on the high and low points from June 24th, 2019 to September 6th, 2019. When you combine the lower-low with the fact that we just pivoted right dead on the Big Dark Green 3.618 fib circle ring, you now have some serious doubt thrown into the bull market party.
Chances are more likely that BTC will correct and then continue on this upward hike, for now. The stochastic is clearly at rock bottom in the "oversold" territory. A rebound usually happens when we dip that far down. I would say 60% chance of a moderate correction and then rebound to a continuance of the upward trend, and 40% chance of falling back into the bearish trading channel. But that's a high enough percentage that I would be cautious about making trades during this time. Let's keep an eye on this movement and see how it plays out!
Not trading advice.
Carlton Flowers
The CryptoPro
If you've noticed, I have a new fib circle set on my BTC chart now. It is based on the high and low points from June 24th, 2019 to September 6th, 2019. When you combine the lower-low with the fact that we just pivoted right dead on the Big Dark Green 3.618 fib circle ring, you now have some serious doubt thrown into the bull market party.
Chances are more likely that BTC will correct and then continue on this upward hike, for now. The stochastic is clearly at rock bottom in the "oversold" territory. A rebound usually happens when we dip that far down. I would say 60% chance of a moderate correction and then rebound to a continuance of the upward trend, and 40% chance of falling back into the bearish trading channel. But that's a high enough percentage that I would be cautious about making trades during this time. Let's keep an eye on this movement and see how it plays out!
Not trading advice.
Carlton Flowers
The CryptoPro