Man, what an interesting time to be alive! Bitcoin is now coming back down to the bottom side of the short-term range it was in. If BTC breaks down from this range, then there is a very high likelihood OMG will follow!
Currently, low to medium time frame stochastics are showing strong bearish momentum. Short term RSI is below the exponential and in the bearish control zone, whilst medium-term RSI is looking like it wants to break down into the bearish control zone.
We have a very nice confluence of EMAs, Fibonacci, head & shoulders pattern, and horizontal support all holding up the right shoulder of this pattern.
The target has very nice confluence with the measured move for the head and shoulders breakdown, the 0.618 Fibonacci, and the daily 377 EMA.
We have strong support at the 0.5 Fibonacci as well, so I'll be keeping a close eye on that area!
Best of luck on all your trades!
Let's get this crypto!!!
--- Guide to My Charts -The dark magenta horizontal lines are support/resistance 'zones'. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!
-Yellow lines are typically used to chart out pattern formations and trend lines!
-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
-The Historical Volatility Percentile, RSI , and/or stochastics indicators are below the chart if displayed.
--- Please smash the like and comment if you find value in this post! It helps show me that others are interested and motivates me to share more with the community!
--- Disclaimer: This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.
These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade.
@Funfunction1, Yes, could reverse there, but likely to head down further, I suspect.
CryptoGuru369
⋅
@Funfunction1, What are your thought now? If BTC breaks down, I can see XRP hitting the final target. If BTC bulls come out to play, then yeah, that's probably all she has! Good luck on your trades!
Funfunction1
⋅
@CryptoGuru369, agree btc is leading the way and down for now it is. I am putting myself in wintersleepmodus untill I see Btc heading back to 20 dollars. Would expect it to be in December. Earlier I predicted inverse H&S on the 4h and for that OMG needs to bounce between 2.5 and 3 go up and break 4.5. This pattern still looks valid.
CryptoGuru369
⋅
@Funfunction1, Final target reached. Do you use Fibonacci much?