The last three days, the BTC’s price stuck on market flat between the price resistance at $6600 and support at $6500. At the price $6500 can be found the EMA21 trend line. Now BTC is testing it from above. . RSI still didn’t break 50 level resistance. Stoch indicates possible line cross and trend reversal.
Since we are between these two levels, while gaining and losing the EMA21, it’s currently hard to say which level will be broken first.
But I rather tend to the price of BTC will drop at $6300 where the price’s support is located. If BTC fails, next support will be area at around $5900, the bottom Falling Wedge pattern.
For growth is necessary to break mid-term downtrend resistance (red line) and resistance at $6700, where is also important 23.6% Fib retracement located.
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Since we are between these two levels, while gaining and losing the EMA21, it’s currently hard to say which level will be broken first.
But I rather tend to the price of BTC will drop at $6300 where the price’s support is located. If BTC fails, next support will be area at around $5900, the bottom Falling Wedge pattern.
For growth is necessary to break mid-term downtrend resistance (red line) and resistance at $6700, where is also important 23.6% Fib retracement located.
I hope you enjoy my charts, please writte your comments, hit that like button or follow me. Thank you!
Comment:
Head and Shoulders pattern is still valid. Now, BTC is heading to important two resistances - EMA21 (see blue line) and Local Downtrend resistance (see red line). In case of breaching these two resistances, BTC will can go to $6500 and $6700 marks. RSI looks good, but Stoch still haven’t confirmed uptrend continuation.
This trading signal is active:
Buy: around $6100
Sell: around $7100
Stop loss: entry price
This trading signal is active:
Buy: around $6100
Sell: around $7100
Stop loss: entry price
Comment:
So, what a amazing day :-) BTC successfully finished Head and Shoulders pattern and the price hit $7420 mark. We are have profit aprox. 20% now.
During the pump, BTC flew with grace through several resistances - $6720, $7120 and was stopped by resistance at $7500. If we look at Fib Retr - 23.6% was broken, 36.2% is testing from the bottom. The same aplies to EMAs - EMA21 and EMA50 were broken. EMA100 is located at $7430 and EMA200 at $7800. Volume was amazing!
RSI and Stoch look good.
In my opinion - BTC will rise. I will look forward to area between $7500 and $7700. But before that happens, I expect a small price drop and re-test $6950 - $7100 price zone.
During the pump, BTC flew with grace through several resistances - $6720, $7120 and was stopped by resistance at $7500. If we look at Fib Retr - 23.6% was broken, 36.2% is testing from the bottom. The same aplies to EMAs - EMA21 and EMA50 were broken. EMA100 is located at $7430 and EMA200 at $7800. Volume was amazing!
RSI and Stoch look good.
In my opinion - BTC will rise. I will look forward to area between $7500 and $7700. But before that happens, I expect a small price drop and re-test $6950 - $7100 price zone.
BTC still forming possible reversal pattern - Head & Shoulders. This pattern predict the price of BTC will drop down and re-test $6100 mark. Meanwhile, the price is back below EMA21 and global downtrend line, which is coming from $16.5K. Stoch and RSI also indicates downtrend continuation in next few days.
As I wrotte before, H&S is reversal pattern and predict BTC should go upward and retest the top line of the Falling Wedge pattern, at the price around $7100.