Hello ladies and gentlemen,
The last post I spoke about the falling wedge and the trendline break and I think that worked as expected and BTC prices broke up the upper limb of the wedge and then broke the upper resistance of the pink trendline signaling that it is starting the new trend. It also broke above the 9K resistance.
Currently, the price is retracing. I consider the recent upward move a strong one so we can expect the prices to retrace to 23 or 38 FIb%. Historically, BTC retraces to 78 or even very close to 100. In any way, the prices should not fall below the dotted black line as this would signify a continuation of the downtrend. I think it is a good spot to put your stop loss.
I think the prices will move with no significant resistance to the 38% Fib of the bigger trend and then we have a very strong resistance line that was tested multiple times at 11800 (if you remember the false inverse head and shoulders). My projection that it will break it reaching around 16K.
The other important thing is that the 20EMA just crossed above the 40EMA and for some reason, the BTC price respects 20/40 crossings. Take a look yourself. (An observation by Adam Khoo)
that's about it.
See you on the other side of the black resistance line
The last post I spoke about the falling wedge and the trendline break and I think that worked as expected and BTC prices broke up the upper limb of the wedge and then broke the upper resistance of the pink trendline signaling that it is starting the new trend. It also broke above the 9K resistance.
Currently, the price is retracing. I consider the recent upward move a strong one so we can expect the prices to retrace to 23 or 38 FIb%. Historically, BTC retraces to 78 or even very close to 100. In any way, the prices should not fall below the dotted black line as this would signify a continuation of the downtrend. I think it is a good spot to put your stop loss.
I think the prices will move with no significant resistance to the 38% Fib of the bigger trend and then we have a very strong resistance line that was tested multiple times at 11800 (if you remember the false inverse head and shoulders). My projection that it will break it reaching around 16K.
The other important thing is that the 20EMA just crossed above the 40EMA and for some reason, the BTC price respects 20/40 crossings. Take a look yourself. (An observation by Adam Khoo)
that's about it.
See you on the other side of the black resistance line