BTC obvious uptrend may not see 10400 after all... Eyeing 11300
Fellow traders, the trend is strong with this one... And as you all know, THE TREND IS YOUR FRIEND.
And I've had some time on my hands today (due to sluggish price action) to make you a nice and messy chart, but with all the relevant info you can want, need or desire.
So... A couple of things, here is the BIG picture. The lines you're seeing are what's called FIB CHANNELS. You have this tool in your TV tools under Gann and Fib tools, all the way on the bottom. When drawing a parallel channel, it gives you the channel's fib extensions based on the actual shape and formation of the channel, which is super helpful.
The neat thing about this tool is the ability to also do fib channel PROJECTIONS. Here is the setup:
Now that we have that down, let's zoom in super close on price action to see where the obvious trend seems to be maintained. And as you can see in the screenshot below, price has broken through the 23.6% fib channel in our CURRENT ascending channel, on its way to the 38.6% fib channel line. What you will also notice is that the prior failed channel's fib channel EXTENSION at -1.786 (the negative is just to show that it's below the failed channel) is HIGHLY supportive of price and the -1.618 was resistive to price. Therego, we should expect to break through to the next likely extension of -1.5, which almost PERFECTLY intersects with the 0.386 extension in our current channel and we also have the 1.886 extension of our most recent low/high/low swing.
Therefore I am expecting price to get near 10800, I believe more specifically around the 10780 - 10790 area where we have the convergence of all of the factors.
If you're long, that is a good price to TP and wait for the next swing down.
And I've had some time on my hands today (due to sluggish price action) to make you a nice and messy chart, but with all the relevant info you can want, need or desire.
So... A couple of things, here is the BIG picture. The lines you're seeing are what's called FIB CHANNELS. You have this tool in your TV tools under Gann and Fib tools, all the way on the bottom. When drawing a parallel channel, it gives you the channel's fib extensions based on the actual shape and formation of the channel, which is super helpful.
The neat thing about this tool is the ability to also do fib channel PROJECTIONS. Here is the setup:
Now that we have that down, let's zoom in super close on price action to see where the obvious trend seems to be maintained. And as you can see in the screenshot below, price has broken through the 23.6% fib channel in our CURRENT ascending channel, on its way to the 38.6% fib channel line. What you will also notice is that the prior failed channel's fib channel EXTENSION at -1.786 (the negative is just to show that it's below the failed channel) is HIGHLY supportive of price and the -1.618 was resistive to price. Therego, we should expect to break through to the next likely extension of -1.5, which almost PERFECTLY intersects with the 0.386 extension in our current channel and we also have the 1.886 extension of our most recent low/high/low swing.
Therefore I am expecting price to get near 10800, I believe more specifically around the 10780 - 10790 area where we have the convergence of all of the factors.
If you're long, that is a good price to TP and wait for the next swing down.