On the chart you will see several support and resistance lines I've drawn. The primary resistance is in red and starts from BTC first rally to 13000. The primary support is the green line which shows support for BTC since the rally to 1300.
Now I would like to bring your attention to the light blue lines. The beginning of a parabolic blue curve acts as a support line and coincides almost perfectly with BTC price action since the rally to 13000. This is of course only the possible beginning of the curve and is something to watch. If BTC continues to bounce off of this curve we could see a parabolic climb around mid October.
Now the three dates Ive marked show the point where the support and resistance lines meet for the scenarios i've drawn.
Aug 28 - is when the current resistance (light blue line) meets the parabolic curve. watch for a bounce up or possible retest of primary support in green. If Green support fails we could see a high volume drop towards 9000.
Sep 9 - is when the parabolic curve meets primary resistance (red line). If the BTC price continues to respect the curve I would expect BTC to break upwards at this point possible first target 11000. Although if the curve is broken before this date then watch the retest of primary support. again, if this is broken we could see a drop to 9000/9100
Sep 16 - is when primary support meets primary resistance. At this point, assuming the price has stayed within the triangle we could see a movement in either direction. I'm hoping to see some indicators based on the previous dates, but if not Sep 16 could see a drop towards next support at 9000. If BTC breaks upwards, hold on to your hats.
ps. dates above should be taken with a grain of salt. +- a day or two.
Now I would like to bring your attention to the light blue lines. The beginning of a parabolic blue curve acts as a support line and coincides almost perfectly with BTC price action since the rally to 13000. This is of course only the possible beginning of the curve and is something to watch. If BTC continues to bounce off of this curve we could see a parabolic climb around mid October.
Now the three dates Ive marked show the point where the support and resistance lines meet for the scenarios i've drawn.
Aug 28 - is when the current resistance (light blue line) meets the parabolic curve. watch for a bounce up or possible retest of primary support in green. If Green support fails we could see a high volume drop towards 9000.
Sep 9 - is when the parabolic curve meets primary resistance (red line). If the BTC price continues to respect the curve I would expect BTC to break upwards at this point possible first target 11000. Although if the curve is broken before this date then watch the retest of primary support. again, if this is broken we could see a drop to 9000/9100
Sep 16 - is when primary support meets primary resistance. At this point, assuming the price has stayed within the triangle we could see a movement in either direction. I'm hoping to see some indicators based on the previous dates, but if not Sep 16 could see a drop towards next support at 9000. If BTC breaks upwards, hold on to your hats.
ps. dates above should be taken with a grain of salt. +- a day or two.
Comment:
price has reacted to the curved support line. If price breaks below this line we will watch primary support. stop loss just below this support, but buy back just above support as a drop below may be a bear trap. A close on the 1hr candle below primary support could signal further drop
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BTC 9200/11200
The_Yeager
about BTCUSD
trade carefully, this is a situation for traps, bull or bear. wait for confirmations