Hello community, glad to present you this idea!
BTC has hitted it`s first target (~10300) from the pivot point on ~9100. Succeeding this event, we are on a corrective wave and just touched the bottom line of the white ascending channel, showing some signs of bull strength. But for me, market is demanding a test on the previous movement, which was that pivot that we`ve talked about, and the ma200 as well. So, we are talking about a potential buying range from 9200 to 8900 (circled in white). This way, we`ll enable the next targets of the main movement (peaks and troughs shown in red), which were drawed on the chart with green crosshairs.
There`s also another alternative scenario that corroborates to this idea in some way, which is the possibility of price holding inside of the white channel. Thus, making 9700 area a good price to hold and keep moving up. In the end, I consider this less likely to happen than the first scenario.
Note that, 9200~8700 are ~coincidently~ strong fibbo levels from previous movements, so keep an eye on them! There are no coincidences in life!!
MACD also indicating a slight bearish div. on histogram, so I think that stars are lining up. Prepare for strong movements. Futhermore, a good opportunity could be seem on the selling side after the loss and test of the white channel (h1 and h4 could guide you on this operation). But as on my judgment main trend is bullish, I would rather just wait and see a good time to buy than shorting it. Remember that, as Jesse Livermore once said, "There`s time to buy, time to sell and time to go fishing."
If you have some question or want to contribute with a comment or a thumbs up, feel free to do so!
Stay in peace my friends!!!
BTC has hitted it`s first target (~10300) from the pivot point on ~9100. Succeeding this event, we are on a corrective wave and just touched the bottom line of the white ascending channel, showing some signs of bull strength. But for me, market is demanding a test on the previous movement, which was that pivot that we`ve talked about, and the ma200 as well. So, we are talking about a potential buying range from 9200 to 8900 (circled in white). This way, we`ll enable the next targets of the main movement (peaks and troughs shown in red), which were drawed on the chart with green crosshairs.
There`s also another alternative scenario that corroborates to this idea in some way, which is the possibility of price holding inside of the white channel. Thus, making 9700 area a good price to hold and keep moving up. In the end, I consider this less likely to happen than the first scenario.
Note that, 9200~8700 are ~coincidently~ strong fibbo levels from previous movements, so keep an eye on them! There are no coincidences in life!!
MACD also indicating a slight bearish div. on histogram, so I think that stars are lining up. Prepare for strong movements. Futhermore, a good opportunity could be seem on the selling side after the loss and test of the white channel (h1 and h4 could guide you on this operation). But as on my judgment main trend is bullish, I would rather just wait and see a good time to buy than shorting it. Remember that, as Jesse Livermore once said, "There`s time to buy, time to sell and time to go fishing."
If you have some question or want to contribute with a comment or a thumbs up, feel free to do so!
Stay in peace my friends!!!
Comment:
Price have fallen exactly to our range and is currently supported by 50% level of previous movement. But we could see a brief touch in 8250 as well. Until there, any closing below 8250 will still be all according to my view. Peace!!
