Two Scenarios for BTCUSD 1 Hr Chart - 8 Hour Window Prediction
Trend Analysis prediction on 1hr Poloniex BTCUSDT
scenario # 1 -If breaks support at $3,500 good chance to dump
to next major support at $3,200.
A dump of up to 16% could be realized for those wanted to short.
scenario # 2 - looking for a break out of descending
trend channel before the breech of the support level at
$3,500. The rally needs to be break a minor resistance
level $3600 if successful we would be looking at a rally to test a major resistance at $3,750.
This rally could see a potential gain of up to 7%, not very impressive to the Bulls unfortunately.
I feel scenario #1 seems more likely and would out my money with the Bears over the next 6 to 8 hours.
Thoughts?
Good trading everyone :)
scenario # 1 -If breaks support at $3,500 good chance to dump
to next major support at $3,200.
A dump of up to 16% could be realized for those wanted to short.
scenario # 2 - looking for a break out of descending
trend channel before the breech of the support level at
$3,500. The rally needs to be break a minor resistance
level $3600 if successful we would be looking at a rally to test a major resistance at $3,750.
This rally could see a potential gain of up to 7%, not very impressive to the Bulls unfortunately.
I feel scenario #1 seems more likely and would out my money with the Bears over the next 6 to 8 hours.
Thoughts?
Good trading everyone :)
Comment:
Lets see what happens in the next hour candlestick to test scenario # 2 or if it heads back down not breaking through the upper trend line and continues tracking through the narrow trend channel.
Trade closed: target reached:
Seems Scenario # 2 has been established as current path has confirmed.