BTC - Looks like a failed Bullish Breakaway Setup to me
Looks like a failed Bullish Breakaway Setup to me .
Why ?
=========
Because In a Bullish Breakaway setup during the move up the bullish green candle must close inside the body of the first candle of the move down.
In this case a successful move up would have seen a close at the 37k / 38K area, but instead BTC has been rejected at the 32k area.
Whats this Bullish Breakaway Stuff mentioned ?
===========================
The "Bullish Breakaway setup" is explained in the graph below with examples if you have no idea what I'm on about .
Another thing to be aware of is that on the 6 day chart the MA20 (the green line ) is about to cross below the MA100 ( the white line )
This is important because the last two times this occurred was in :
2018
===========
and
2014
==========
Each time this occurred BTC dropped lower to the MA200 (the blue line) and then dropped below the MA200 before recovering back upwards.
if this plays out then id expect BTC will first drop to the 23k area and move sideways for a few weeks before dropping to the 18K level for a potential bounce .
This said ..The ideas mentioned in this chart are cancelled if BTC is miraculously able to close above 38k next week.
Why ?
=========
Because In a Bullish Breakaway setup during the move up the bullish green candle must close inside the body of the first candle of the move down.
In this case a successful move up would have seen a close at the 37k / 38K area, but instead BTC has been rejected at the 32k area.
Whats this Bullish Breakaway Stuff mentioned ?
===========================
The "Bullish Breakaway setup" is explained in the graph below with examples if you have no idea what I'm on about .
Another thing to be aware of is that on the 6 day chart the MA20 (the green line ) is about to cross below the MA100 ( the white line )
This is important because the last two times this occurred was in :
2018
===========
and
2014
==========
Each time this occurred BTC dropped lower to the MA200 (the blue line) and then dropped below the MA200 before recovering back upwards.
if this plays out then id expect BTC will first drop to the 23k area and move sideways for a few weeks before dropping to the 18K level for a potential bounce .
This said ..The ideas mentioned in this chart are cancelled if BTC is miraculously able to close above 38k next week.