Chances of a break out to the downside is 60%
Targets: $8,500 - $8,400
Trade the breakout. Trade the breakout. Trade the breakout.
Warning! Watch for FU moves, extremely large wicks to the downside to take out short positions and instantly wick back up or vice versa, algo bots are set to hunt for stop losses.
Remember to always, always place your trailing stops at the appropriate levels as not to get stopped out at your trades.
>>>>> Always be prepared for either scenario of upwards movement or downwards movement. <<<<<
Happy Trading Everyone.
Ron (Intrepid Trader)
============================================
Check out these still valid mid-term outlook for Bitcoin:
Support and Resistance Lines
The Trend-Based Fibonacci Extension Tool
Elliott Impulse And Correction Waves
Potential Inverse Head & Shoulders Pattern
============================================
Check out these still valid long-term outlook for Bitcoin using:
Bitcoin ABC Elliott Correction Wave & Gann Boxes
Bitcoin's Most Common Reversal Levels
Fractals: Hmmm, Pretty Similar To Me Bitcoin
============================================
Check out Bitcoin Cycles
Bitcoin Cycle Of Rise, Peak, Drop
Targets: $8,500 - $8,400
Trade the breakout. Trade the breakout. Trade the breakout.
Warning! Watch for FU moves, extremely large wicks to the downside to take out short positions and instantly wick back up or vice versa, algo bots are set to hunt for stop losses.
Remember to always, always place your trailing stops at the appropriate levels as not to get stopped out at your trades.
>>>>> Always be prepared for either scenario of upwards movement or downwards movement. <<<<<
Happy Trading Everyone.
Ron (Intrepid Trader)
============================================
Check out these still valid mid-term outlook for Bitcoin:
Support and Resistance Lines
The Trend-Based Fibonacci Extension Tool
Elliott Impulse And Correction Waves
Potential Inverse Head & Shoulders Pattern
============================================
Check out these still valid long-term outlook for Bitcoin using:
Bitcoin ABC Elliott Correction Wave & Gann Boxes
Bitcoin's Most Common Reversal Levels
Fractals: Hmmm, Pretty Similar To Me Bitcoin
============================================
Check out Bitcoin Cycles
Bitcoin Cycle Of Rise, Peak, Drop
Comment:
Multiple rejections at $10,450. It appears that Bitcoin is going into an Ascending Triangle pattern on 1H. If it does, price might go upwards instead of the previously potential bear flag downside break out.
Comment:
$10,775 Upside Target for an Ascending Triangle. A pullback to the bottom line of the triangle and bounce off of that line is a confirmation. I price breaks upwards toward the top line and bounces downwards off the top line of the Bull Flag, bull flag ensues and continuation of downward price direction is expected.
Comment:
Bear flag still in play.
Comment:
Resistance incoming at $10,775 - top line on this bull flag.
Comment:
Did I say Bull Flag, I meant Bear Flag. Well, this still has a chance of breaking to the upside, about 40%. Price now headed toward 5th wave of the Elliott Impulse wave.
Comment:
Rising Wedge
Downside Targets:
1. $9,473.19
2. $8,549.86
Downside Targets:
1. $9,473.19
2. $8,549.86