The price has followed nicely my previous analysis and it has started to approach that prementioned trendline.
Previously, the area was wider and I would like to make an update to tightening it a bit. Long story short, the strongest area should be $8,000 - $8,150 and it consists of:
1) AB=CD and the D point lands perfectly inside the marked area 2) Channel projection, pulled from bodies (on line chart) 3) Fibonacci Extension 162% 4) Fibonacci Retracement 38%, pulled from December low to this year high, perfect retracement level to follow that current mid-term bullish momentum. 5) Daily EMA 50, 100, 200 acting as support levels. 6) 4H EMA 200 adding strength to the possible reversal area 7) The round number $8,000 acting as a support level 8) The historical black trendline should act as a strong support level. Pulled from 2019 high, the breakout has made with a strong and powerful candle which gives a signal that this retest should be successful. 9) Wait for a smaller timeframe rejection from the green box and as always, wait for a bullish candlestick pattern formation on 1H+timeframes to get more secure trade.
Do your own research and please, take a second and support my effort by hitting the "LIKE" button, it is my only FEE from You!
Regards, Vaido
Trade closed: target reached
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At the moment, I cannot see any high-probability trading areas and I don't want to make any blablabla...posts. When I see something then definitely, I will make an update.
That bottom channel line could be drawn as pretty much anything and at many different levels since there is only the 1 real area of contact. I know you just cloned the top line, but what makes you so sure it's a channel and not a wedge or neither?
Christuanjonkar
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Creative analysis.
shoeib-beshtar
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update pleas ?
PinkCryptoVN
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@shoeib-beshtar, Essentially it is done at 9.1K, but FOMO kicked it up to 9.3k. Dead cat bounce is pretty much done.
Buy now or cry later