Btc is facing heavy resistance. I will be anticipating another pull back around 6,400 before another push thru 6,600. If you scroll back further to the dip In June, this plays out the exact same way. 9/10 days of upward consolidation after the lowest dip of the short/term downtrend. Which is followed by 11-13 days of a short/term upward trend.
In the last two instances, the short/long positions are following the same trend direction with the upward consolidation followed by the upward trend until meeting the overral resistance line that is formed from the consolidation triangle off of the main downward impulse wave that began in Dec 2017
The thin dotted red lines traveling horizontally are indicating resistance/support areas that have been hit multiple times and have confluence of channel trend lines near the supportive/resistance areas. These are significant areas to look at while determining btc direction.
I am looking for a bullish push passed 6,600 followed by a retrace with support holding 6,600. This is as long as shorts keep decreasing and long positions increasing. If a trend of the bottom channel line is broken with ease, I will look for a retrace to support around 6,250.
Each retrace off the short term upward trends have found .886 and .786 retracement levels and higher lows each time. We have been finding higher lows since June. If you look at June's dip, it follows the same trend.. This will be the 3rd time btc has bounced with this formation of price swings.
This is my personal opinion, this is not investment advice, invest at your own risk and good luck trading.
BTC current price 6,542
COMPLETED 5:47pm LOS ANGELES
In the last two instances, the short/long positions are following the same trend direction with the upward consolidation followed by the upward trend until meeting the overral resistance line that is formed from the consolidation triangle off of the main downward impulse wave that began in Dec 2017
The thin dotted red lines traveling horizontally are indicating resistance/support areas that have been hit multiple times and have confluence of channel trend lines near the supportive/resistance areas. These are significant areas to look at while determining btc direction.
I am looking for a bullish push passed 6,600 followed by a retrace with support holding 6,600. This is as long as shorts keep decreasing and long positions increasing. If a trend of the bottom channel line is broken with ease, I will look for a retrace to support around 6,250.
Each retrace off the short term upward trends have found .886 and .786 retracement levels and higher lows each time. We have been finding higher lows since June. If you look at June's dip, it follows the same trend.. This will be the 3rd time btc has bounced with this formation of price swings.
This is my personal opinion, this is not investment advice, invest at your own risk and good luck trading.
BTC current price 6,542
COMPLETED 5:47pm LOS ANGELES