Bitcoin Reached The Support Line Of Falling Wedge - What's Next?
Bitcoin reached the $6522 and further down to the descending support line of the falling wedge. Now price has pulled back, what's next?
Next, Bitcoin has to re-test a support zone.
Be Aware: Support Re-Test Zones only get re-tested 80% of the time, 20% of the time price will not re-test the zone and will just ignore it and continue towards its newly established trend.
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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). <<<<<
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More Power To All Your Trades,
Ron (The Intrepid Trader)
Next, Bitcoin has to re-test a support zone.
Be Aware: Support Re-Test Zones only get re-tested 80% of the time, 20% of the time price will not re-test the zone and will just ignore it and continue towards its newly established trend.
===============================
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:
Price now approaching resistance at the 20 Period EMA.
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Bullish Signals: Double Bottom, Bullish Divergence
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30 Minutes Chart
Watch how the price reacted as it approached the 200 Period EMA.
Watch how the price reacted as it approached the 200 Period EMA.
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Bitcoin may still re-test its support zone.
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Resistance found at the 200 Period EMA.
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Retracement 1st Target Level: 38.2% Fib Level
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On the 4Hour Chart, price may find resistance at the 55 Period EMA coinciding with the resistance trend line of the falling wedge.
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Day Chart clearly showing a Bullish Divergence on the RSI, and the momentum on the Stoch RSI has shifted towards the upside.
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4 Hour Chart
Price pushed passed the 55 EMA, now facing the 120 EMA which has been resistance multiple times.
Price pushed passed the 55 EMA, now facing the 120 EMA which has been resistance multiple times.
Comment:
Golden 61.8% is right up ahead.
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Golden 61.8% Fib Reached, price now headed for the major EMA level at the 200 EMA.
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Comment:
Price found support at the 38.2% Fib Level. Bitcoin will now either re-test the resistance zone or dip down to the 50% and further down to the Golden 61.8% Fib Level.
Yellow 120EMA is crossing over the Red 200EMA (bullish).
If Bitcoin continues its trend upwards, the target could be $8070.
Yellow 120EMA is crossing over the Red 200EMA (bullish).
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