Current Position: Accumulation Phase
Bitcoin Is Faced With Multiple Resistances Above.
Price has been kept below the strong red extended resistance line for quite some time now.
Price has also been below the 20 EMA as well.
First line of business is to re-test the support zone @ $6775.
Failure for this support area to hold will bring price down to the bottom zone of the falling wedge into the $6.5Kish levels.
This is the more likely scenario (bearish move) as there are so much resistance above that the Bulls have to accumulate more energy to be able to blast through all the resistances above.
Plus, all the volume that was traded above $7400 will also be an area of resistance from all the buying activites where the buyers have to liquidate to recoup their capital.
If Bitcoin chooses to blast off from the falling wedge and defying the 20 EMA, the next resistance level it's going to face is the 200 EMA.
Bitcoin's upside target when it breaks to the upside from this falling wedge is $9440
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Watch out for STOPS-HUNTING BOTS!!!!
*** Trades should not be placed based upon what you see here! Do your own research and manage your own risk.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
Bitcoin Is Faced With Multiple Resistances Above.
Price has been kept below the strong red extended resistance line for quite some time now.
Price has also been below the 20 EMA as well.
First line of business is to re-test the support zone @ $6775.
Failure for this support area to hold will bring price down to the bottom zone of the falling wedge into the $6.5Kish levels.
This is the more likely scenario (bearish move) as there are so much resistance above that the Bulls have to accumulate more energy to be able to blast through all the resistances above.
Plus, all the volume that was traded above $7400 will also be an area of resistance from all the buying activites where the buyers have to liquidate to recoup their capital.
If Bitcoin chooses to blast off from the falling wedge and defying the 20 EMA, the next resistance level it's going to face is the 200 EMA.
Bitcoin's upside target when it breaks to the upside from this falling wedge is $9440
===============================
Watch out for STOPS-HUNTING BOTS!!!!
*** Trades should not be placed based upon what you see here! Do your own research and manage your own risk.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
Comment:
STRONG RESISTANCE WALL
Comment:
The 61.8% Golden Ratio Fibonacci Level Is A Very Common Target Point.
Comment:
1 Hour Chart Showing Bulls Are Being Pressed Down In This Descending Triangle. If support doesn't hold, it could be down to $6969.
Comment:
Bitcoin Into The New Year 2020
Comment:
Bull must show up to defend all support levels.
Comment:
Should the Support Zone hold up, Bitcoin could finally break out of the falling wedge.
If price continues to drop, the next supports levels are:
1. $6526
2. 1.272 Fib Level @ $6160
If price continues to drop, the next supports levels are:
1. $6526
2. 1.272 Fib Level @ $6160
