Hi guys.
How are you ? What do you do in the market fluctuations ?
In these days, many people are afraid of the fall of the bitcoin and ask me what will happen ? If you remember, in my last analysis I had predicted this conditions and prices. I said before the uptrend started, price will touch the bottom of descending triangle pattern.
And now with look at weekly time frame, I think we will have 2 scenario for the future.
1) In weekly time frame we have nice falling wedge. If strong Marubozu candle break out top of the falling wedge pattern and descending triangle, we can be optimistic about the future of the Bitcoin and trend reversal. After that we can estimate that the Bitcoin will go up to 10800$ level at first step and then to 15600$. I have more reason for this scenario ! Look at the retracement fibonacci. The price is close to 78.6 level and we have multi layer resistance at this zone. Crossing this area is not easy for the bears !
2) If the price fails to break the patterns we can expect bitcoin drop to the bottom of the falling wedge and then get ready for uptrend. I have more reason for this scenario too :-) The candles are under Kijun Sen and Tenkan Sen on Ichimoku indicator. Tenkan Sen plays the role of a resistance and Kijun Sen has pull down its head and goes to the candles. In this case, until Kijun Sen reaches candles, the price may fall further to 4600$ ! So in these days, we must carefully monitor the chart. What do you think ?
Have a good and profitable trades.
How are you ? What do you do in the market fluctuations ?
In these days, many people are afraid of the fall of the bitcoin and ask me what will happen ? If you remember, in my last analysis I had predicted this conditions and prices. I said before the uptrend started, price will touch the bottom of descending triangle pattern.
And now with look at weekly time frame, I think we will have 2 scenario for the future.
1) In weekly time frame we have nice falling wedge. If strong Marubozu candle break out top of the falling wedge pattern and descending triangle, we can be optimistic about the future of the Bitcoin and trend reversal. After that we can estimate that the Bitcoin will go up to 10800$ level at first step and then to 15600$. I have more reason for this scenario ! Look at the retracement fibonacci. The price is close to 78.6 level and we have multi layer resistance at this zone. Crossing this area is not easy for the bears !
2) If the price fails to break the patterns we can expect bitcoin drop to the bottom of the falling wedge and then get ready for uptrend. I have more reason for this scenario too :-) The candles are under Kijun Sen and Tenkan Sen on Ichimoku indicator. Tenkan Sen plays the role of a resistance and Kijun Sen has pull down its head and goes to the candles. In this case, until Kijun Sen reaches candles, the price may fall further to 4600$ ! So in these days, we must carefully monitor the chart. What do you think ?
Have a good and profitable trades.