Do not fomo!! In the previous analysis I did say " Yet always keep an eye on a crazy reversal. For this, the first step is to break our trend line and the second is to make a higher high which would have a rocket effect on BTC ." . However I did not give it a high chance.
Any way lets look at the current situation. We are now testing the second trend line which is crucial for a big movement. Even tough we are testing it as I am writing this I do not believe it is safe for an entry here. we could see a reversal from the box indicated as risk zone. So basically we could see a fake break out from the trend line and a reversal from that zone. Which when we look at the rsi it is very likely. If we break that zone I believe we will definitely try to make a "higher high".
What will happen if this is a fake out? We will first test 200 ema and than test our old trend line that we broke above. If we get back in to the old channel it might get ugly. So do not fomo!! wait to see if this is a fake out and then take a position.
Previouse analysis;
Any way lets look at the current situation. We are now testing the second trend line which is crucial for a big movement. Even tough we are testing it as I am writing this I do not believe it is safe for an entry here. we could see a reversal from the box indicated as risk zone. So basically we could see a fake break out from the trend line and a reversal from that zone. Which when we look at the rsi it is very likely. If we break that zone I believe we will definitely try to make a "higher high".
What will happen if this is a fake out? We will first test 200 ema and than test our old trend line that we broke above. If we get back in to the old channel it might get ugly. So do not fomo!! wait to see if this is a fake out and then take a position.
Previouse analysis;
Comment:
We have entered the risk zone.As we can see btc is stinking tite to our top line. However, what it looks like is we are going to make a flag and continue the run for a new high. Yet we need to be cautious about falling back in to the channel. Lets just watch and see how it plays out