Greetings,
I do not really know why everyone is so bullish on BTCUSD . Reasons for NOT being bullish are:
- The recent big green candle can be considered as retest of the previously broken ascending trendline . Importantly, BTC got rejected, which suggests a downward move in the near future.
- Funny enough, this broken trendline coincides with the descending trendline of the larger parallel channel starting at the end of june. Thus, two trendlines representing major resistance.
- We can consider the recent green candle as corrective wave B (because it got stopped at 61% of wave A). This means that wave C would end somewhere in the green box in the chart. Interestingly, this level coincides with the long term green trendline AND (I consider this very important) with the breakout level of the multi-month downward trendline originating in May 2018, which has not been re-tested so far.
Thus in the long-term (until Spring 2020), I expect that the price can be found around 5700 USD, which is the 0.236 Fib level on the chart. In the short-term and unless BTC moves out of the parallel channel , I think that BTC will slowly zig-zag within that parallel channel towards the 5700 USD levels.
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Comments are welcome.
Please like & follow for more TA.
DISCLAIMER:
This is neither a trading nor a financial advice.
You are responsible for your own actions so do your own research.
I do not really know why everyone is so bullish on BTCUSD . Reasons for NOT being bullish are:
- The recent big green candle can be considered as retest of the previously broken ascending trendline . Importantly, BTC got rejected, which suggests a downward move in the near future.
- Funny enough, this broken trendline coincides with the descending trendline of the larger parallel channel starting at the end of june. Thus, two trendlines representing major resistance.
- We can consider the recent green candle as corrective wave B (because it got stopped at 61% of wave A). This means that wave C would end somewhere in the green box in the chart. Interestingly, this level coincides with the long term green trendline AND (I consider this very important) with the breakout level of the multi-month downward trendline originating in May 2018, which has not been re-tested so far.
Thus in the long-term (until Spring 2020), I expect that the price can be found around 5700 USD, which is the 0.236 Fib level on the chart. In the short-term and unless BTC moves out of the parallel channel , I think that BTC will slowly zig-zag within that parallel channel towards the 5700 USD levels.
----
Comments are welcome.
Please like & follow for more TA.
DISCLAIMER:
This is neither a trading nor a financial advice.
You are responsible for your own actions so do your own research.