Does BTC go up the chimney down, or down the chimney up?
Hey guys welcome to your typical "Could Go Up - Could Go Down" scenario.
You know the drill - this isnt advice. This is education. All about the education.
In the orange we have the bull flags, pointing further drop
One of these bear flags has also formed a rising/ascending wedge - as you seen, we have broken south of that.
In the green you see an inverted head and shoulders plus a MACD showing higher highs and an uptrend.
The play from here, if we want to be bullish, I would say that we bounce down to the .618 fib, find some support and head start heading back up. This is around $6174
Volume still appalling, and with the weekend approaching, we could be seeing that .618 break, and takings us back down to the $5800 region, which lines up with the bear flag idea.
We do have some strong support around the $6400 region, so we might find some support there and an early bounce for the inverted h&S.
But if that breaks, panic button hits, alot of sells will happen from peoples stop losses, and I see the $5800 being a very real possibility.
Heads up, even if we head north with the green, ultimately we are still dealing with another trend, and will likely see long term continued down trend until December.
If you are in this for the long term, buckle in and don't look at you delta unless you start seeing lots of moon memes going around in your facebook thread.
If you are in as a trader, consider having some stop losses set, if you are in profit, you help secure this if we do see the next bear flag come into action, after breaking out of the most recent one smash us down past the h&s idea
You know the drill - this isnt advice. This is education. All about the education.
In the orange we have the bull flags, pointing further drop
One of these bear flags has also formed a rising/ascending wedge - as you seen, we have broken south of that.
In the green you see an inverted head and shoulders plus a MACD showing higher highs and an uptrend.
The play from here, if we want to be bullish, I would say that we bounce down to the .618 fib, find some support and head start heading back up. This is around $6174
Volume still appalling, and with the weekend approaching, we could be seeing that .618 break, and takings us back down to the $5800 region, which lines up with the bear flag idea.
We do have some strong support around the $6400 region, so we might find some support there and an early bounce for the inverted h&S.
But if that breaks, panic button hits, alot of sells will happen from peoples stop losses, and I see the $5800 being a very real possibility.
Heads up, even if we head north with the green, ultimately we are still dealing with another trend, and will likely see long term continued down trend until December.
If you are in this for the long term, buckle in and don't look at you delta unless you start seeing lots of moon memes going around in your facebook thread.
If you are in as a trader, consider having some stop losses set, if you are in profit, you help secure this if we do see the next bear flag come into action, after breaking out of the most recent one smash us down past the h&s idea
Don't forget this is never financial advice, simply some ideas thrown around for discussion and contemplation.
Always check your your own charts, like you check after sharts
Always check your your own charts, like you check after sharts
One of these bear flags has also formed a rising/ascending wedge - as you seen, we have broken south of that.