BTC/USD Wyckoff chart pattern playing nicely on the daily chart
The price has seen BTC /USD break out of the bearish flag pattern. Based on the length of the bearish flag pattern and the Fib level of 50% breaking support, I am expecting the price to continue and head down to complete the price target based on the flag pole which also is around the 0.78% Fib Level.
Buy zone is between 19 to 16k
<<<<This is not financial advice, please always do your own research>>>>>
The price has seen BTC /USD break out of the bearish flag pattern. Based on the length of the bearish flag pattern and the Fib level of 50% breaking support, I am expecting the price to continue and head down to complete the price target based on the flag pole which also is around the 0.78% Fib Level.
Buy zone is between 19 to 16k
<<<<This is not financial advice, please always do your own research>>>>>
Comment:
What do you guy's think.. could this be a fake pump?
Comment:
The price seems to be respecting the bearish flag channel at the moment. If the support of the 20EMA (orange Line) does not hold at $38,200, price will likely fall back down to $36,100 maybe back down to the retest the 0.50% Fib level which is at $35,000.
There are a number of scenarios that can playout here:
1. There is a ascending triangle in the bearish flag channel which price has broke out of to the upside on 13th of June. The price could be retesting that trendline (white dotted line). It is also interesting to note that there is also an area of confluence (price + 20EMA and trendline) which can playout as possible bounce back to the upside. If this plays out, we could see price go up to $42,000 which is at the 0.382% Fib level
2. The price breaks the 20EMA(orange line) support, price will likely head down to test $36,100 and maybe $35,000 as mentioned above.
The price seems to be respecting the bearish flag channel at the moment. If the support of the 20EMA (orange Line) does not hold at $38,200, price will likely fall back down to $36,100 maybe back down to the retest the 0.50% Fib level which is at $35,000.
There are a number of scenarios that can playout here:
1. There is a ascending triangle in the bearish flag channel which price has broke out of to the upside on 13th of June. The price could be retesting that trendline (white dotted line). It is also interesting to note that there is also an area of confluence (price + 20EMA and trendline) which can playout as possible bounce back to the upside. If this plays out, we could see price go up to $42,000 which is at the 0.382% Fib level
2. The price breaks the 20EMA(orange line) support, price will likely head down to test $36,100 and maybe $35,000 as mentioned above.