BTC Down Trend Channel and Potential Support Area with Reversal
Going to keep this idea simple and short.
1) BTC has been stuck in this immediate downtrend channel since the 24th of March, as indicated by the white trend lines.
2) There have been identifiable Elliot waves that seem to support the idea of BTC trading in this range.
3) The bottom long green rising trend line has been previous support for BTC on more than once occasion.
So what I predict:
BTC will follow along the channel in the predicted wave pattern, move to 7900, back down to test the rising green support at 7700. At which, I believe the bulls will have enough push to move the price outside this downtrend channel and to at least 7900. Beyond that, I'm not sure what could happen. Perhaps 8k will seem monumental. If the bullish momentum follows through, that may very well end the down trend and thus begin a new trend. Hopefully that trend is upward, and not another downtrend channel.
*I Just have to mention this disclaimer, everything you have read here is not trading advice or a suggestion to purchase anything and was created purely for my entertainment. Any trade you embark on is 100% your responsibility, in other words, you reap all the risk and at the same time all the reward. Do your own research first and only trade what you can afford to lose!
Good Luck everyone and may
BTC
reach Mars before Elon Musk,
-Gendark2
1) BTC has been stuck in this immediate downtrend channel since the 24th of March, as indicated by the white trend lines.
2) There have been identifiable Elliot waves that seem to support the idea of BTC trading in this range.
3) The bottom long green rising trend line has been previous support for BTC on more than once occasion.
So what I predict:
BTC will follow along the channel in the predicted wave pattern, move to 7900, back down to test the rising green support at 7700. At which, I believe the bulls will have enough push to move the price outside this downtrend channel and to at least 7900. Beyond that, I'm not sure what could happen. Perhaps 8k will seem monumental. If the bullish momentum follows through, that may very well end the down trend and thus begin a new trend. Hopefully that trend is upward, and not another downtrend channel.
*I Just have to mention this disclaimer, everything you have read here is not trading advice or a suggestion to purchase anything and was created purely for my entertainment. Any trade you embark on is 100% your responsibility, in other words, you reap all the risk and at the same time all the reward. Do your own research first and only trade what you can afford to lose!
Good Luck everyone and may
BTC
reach Mars before Elon Musk, -Gendark2
Trade closed: target reached:
Breakout through the immediate downtrend. Also on a non-log scale we already hit the green support. Chart invalidated. Good Luck out there!