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Yesterday we saw a large move to the downside and even though, BTC is now sitting on the midline supports of both the white and gold descending channels over the 0.786. I have mapped out the potential conclusion to these down sloping consolidation patterns to the marked zone. This area is a major confluence zone for the reversal up, as I have described in previous posts. This level alone holds the key to BTC's future and breaking below it would be devastating!
15 minute chart. We need to see this triangle hold and break above to $9,800 first.
1H chart we might be seeing this descending broadening wedge channel play out to the end or we might see a break of it and some support coming in to push it up to the gold resistance and through it to $10,562. This star and green zone mark the final entry point/reversal area. If this area does not hold support. We will most likely be talking about a $6,000 or lower BTC in future posts!
1D chart. Yesterday we had a pretty convincing drop however we are still in this downward gold channel. No reason to feel overly bearish until $9,300 is broken.
The 4H chart is possibly showing us a momentum shift on the MACD with the RSI holding the 30 level.
What do you think? Will we break up from these patterns? Feel free to share your ideas!
Remember that the only thing we can control in the market is risk management!
Everything here is my own opinion and should not be taken as trade advice!
Questions, comments or concerns? Send me a private message!
I Wish Great Fortune For Everyone!
Leave a Like and Comment!
Yesterday we saw a large move to the downside and even though, BTC is now sitting on the midline supports of both the white and gold descending channels over the 0.786. I have mapped out the potential conclusion to these down sloping consolidation patterns to the marked zone. This area is a major confluence zone for the reversal up, as I have described in previous posts. This level alone holds the key to BTC's future and breaking below it would be devastating!
15 minute chart. We need to see this triangle hold and break above to $9,800 first.
1H chart we might be seeing this descending broadening wedge channel play out to the end or we might see a break of it and some support coming in to push it up to the gold resistance and through it to $10,562. This star and green zone mark the final entry point/reversal area. If this area does not hold support. We will most likely be talking about a $6,000 or lower BTC in future posts!
1D chart. Yesterday we had a pretty convincing drop however we are still in this downward gold channel. No reason to feel overly bearish until $9,300 is broken.
The 4H chart is possibly showing us a momentum shift on the MACD with the RSI holding the 30 level.
What do you think? Will we break up from these patterns? Feel free to share your ideas!
Remember that the only thing we can control in the market is risk management!
Everything here is my own opinion and should not be taken as trade advice!
Questions, comments or concerns? Send me a private message!
Comment:
Reaching this critical area!
Are we seeing the breakdown start?