We will have to watch these till next week Thursday.
It's important to note that the price since January has followed a or , the former is , and the latter is meaning we wouldn't quite actually know till it breaks, either way. This new has helped Bitcoin price to form higher lows which are almost asides that we need a high to confirm these bias,it's important to remain neutral when reviewing the market so as to avoid confirmation bias, if this channel breaks and price closes convincingly below the support we should be looking at $5900 to hold if these falls then it's probably a and this represents distribution, not accumulation meaning we will be considering a very extreme low in the range of $2000. Mike Novogratz and Brian Kelly called $6000 as the bottom we will have to see for the next couple of days, knowing they are 'permabulls' it might not be wise to conclude yet.
These are just technicals without considering positive news, negative news and some fundamentals.
The setup of the rising support will be invalidated if there is a close below the support line a convincing candle and .
The 123 waves I labeled which I am watching closely if this present support holds then am looking at three outcomes where wave 3 might end up at, that is if this thesis holds true that we have been accumulating since June 28th
a. The wave 3 will end up at $7145, coinciding with the / resistance, and probably head down again to support for further accumulation.
b. Price bursts out of the resistance of the wedge/triangle and heads to $8056, this will be a very outcome as the price has broken out of longtime resistance, a likely scenario after this might be a retest of the upper resistance line of the , which will then support.
c. A price rise to $9000 should not be ruled out as a wave 3 which will be a repeat of the first but a little higher, validating the .
Am taking the scenario the first as the most likely to happen as it is safe to bet on, and less risky if we get to the target price we will reevaluate the price setup in small Timeframe and get to see if the price will probably go higher.
Again it is important to state that this isn't finality in this analysis, its just a repeated pattern. Where its safe to assume that it has a probability of acting the same, it is also essential to review it from time to time as at the time of writing this article the price has shown some significant sign to support our claim price is currently at $6470.It is imperative to restate that you should trade with utmost caution and avoid FOMO, as the chart might be correct it doesn't matter if you don't have good entry skills, position management, and cash management skills.
ENTRY -- $6284 - $6400
SL -- $5900
Profit 1 - $7140
Profit 2 - $8056
Profit 3 - $8894
disclaimer:- not a financial advice just playing with words, pattern, data, on charts
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Considering the new price movement. As it appears it seems that we have broken out of the symmetric triangle and there has been a throwback to the previous price, if that is the case the completion of the triangle breakout is at $9000 ,
With the WMA 23 AND WMA 48 acting as supports, I remain bullish
Resistance ahead are $6800 and $7000. a convenient break above this prices will be comforting.
"The market can be irrational longer than a trader can remain solvent" the price movement for this couple of months clearly states that, there will be noise such as fakeouts, drifting traders bias and portfolios but it sticking to the philosophy of trading is important noting that we are in a high manipulative market, all markets are manipulated for the Market makers and the rich, even wall street, little traders get eaten up and folded, it is important to mute the news and hypes and stick to the prices and volumes , they say a lot, Tether Panic and regulator clamp down and FUDs by Market Makers to sway traders, either bullish or bearish stick to your philosophy and trade regardless, if you win you make more money if you lose you get more experience .
No one is obviously happy with price stalling btw 6k for months except bulls, it indicates parity of price movements and supply exhaustion for one thing we are in a bear market and fall price has stalled, one last painful price drop to 5k shouldn't be ruled out but then I expect a swift response from bulls.