TradingShot

BITCOIN Short-term outlook. $9400 in play?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
This is a very quick synopsis of what I see on the very short-term price action of Bitcoin .

I focus on the 4H chart and the Falling Wedge that has emerged since the June 01 High, within the Channel Up. As seen on the chart, the move count between every Lower High (A) and Lower Low (D) of the pattern is identical, with the obvious exception though of the (D) step on June 04 which instead of being lower than (B), it was in fact higher.

Other than that (especially the 2nd and 3rd (current) phase of the Falling Wedge , where the LMACD is also repeating the same sequence) the movement is quite similar. If this plays out perfectly, then BTC should give one more dip to (F) and then rise to a Lower High (A) around $9400.

Do you think this short-term occurrence will hold? Feel free to share your work and let me know in the comments section!

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Comments

This is fairly well aligned to something I posted here yesterday (my first post here which is part of a course)... my study looked at the 1W version of same chart, so there is a repeating pattern in the two different time frames or magnitudes and I believe these somewhat confirm each other...

+1 Reply
TradingShot cosmicnexus
@cosmicnexus, Thanks for sharing.
Reply
Teacher: you have time to make a forecast of eth price. be deeply grateful.
+1 Reply
TradingShot hujianghua
@hujianghua, Will do!
Reply
TradingShot nagihatoum
@nagihatoum, Very well displayed.
Reply
nagihatoum TradingShot
@TradingShot, we have the same trajectory but by different means.
Reply
I kept thinking because of death cross on 4h, we would fall to around 8700, but I agree with you!
+1 Reply
@Dane113, All possibilities are open. Right now it is closely linked to the stock market.
Reply
I'm waiting for a drop.
picking up my shorts.

Reply
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