BTC no higher high means revisit $6k, alternate 5100-5300s
So an engulfing bearish candle on the daily = rejection by the EMA 100, currently. EMA 100 is a critical point for BTC as mentioned in my last post. SO we will very likely go down from here. Using many different techniques in log and normal mode, fractals looking back to 2013 with interactions of the 100 day EMA, and trendlines, I see one of two major ideas that could shake out in the coming days-weeks. For reference my 100 EMA is light blue and 200 EMA is pink.
Option 1 is the more bullish - we revisit the 6300-6875 area (0.618 of recent bullish structure, inverse H&S neckline, respectively) followed by back UP to test the 100 day EMA and maybe beyond for a higher high. This is the white arrow in my chart
Option 2 is the more bearish scenario and that is a return to the lower trend line of this major move and perhaps, depending on momentum, it could hit where the lower trend line (small red dotted) and MAJOR lower trend line meet BTC. This is in the $5100-5300 area and rough path is demonstrated by orange arrow. I extended the box across the chart to show significance of this support area in the past.
Please hit the like button if you find this chart and idea useful and also welcome any and all constructive feedback.
Option 1 is the more bullish - we revisit the 6300-6875 area (0.618 of recent bullish structure, inverse H&S neckline, respectively) followed by back UP to test the 100 day EMA and maybe beyond for a higher high. This is the white arrow in my chart
Option 2 is the more bearish scenario and that is a return to the lower trend line of this major move and perhaps, depending on momentum, it could hit where the lower trend line (small red dotted) and MAJOR lower trend line meet BTC. This is in the $5100-5300 area and rough path is demonstrated by orange arrow. I extended the box across the chart to show significance of this support area in the past.
Please hit the like button if you find this chart and idea useful and also welcome any and all constructive feedback.
Comment:
Last time to sell and buy the next dip, IMO... This just looks more and more like its going to fail the 100 day EMA.
Comment:
Break below 7150 will bring us to 6850 area where we will wait for a high probability
Comment: