Looks like we are getting close to a break up or down..
I lean more to a descending triangle target could be a Bart down to 7.5k.. but if after this rip up I don’t see a move like this happening. It can happen if on the break down the 0.5fib will be broken.. also the 0.618 is near there from the 40% pump btc needs to stay above 8400!
Bullflag can also happen but will we see another 30-40% pump? I don’t think that either the arrow points at the old descending resistance line.. for me the bullish signal would be if they can close above and build support up on that line..
If we break down and can hold above 8.4k this would be bullish for me as well!
I hope for the health of the market that we break down. Find support at the 0.5fib and start a new wave up!
Targets for me breaking down 8500-8400.. if break below that 7500-7300.
Targets for breaking up.. 10200-10400 if break above we could hit 12200-12000..
Be careful on trading a break down or up, because at this stage of the market it could be a fake out in either direction!
For me even after the 40% pump we are still in a bear market structure, because on the bigger trend we haven’t created a new higher high! And really looks to be an descending triangle, but of course market makers can paint the chart how they like on this volume!
Leave a like and follow me, comments are always welcome as well! If you want to try trading on bitmex use my link for extra fees!
www.bitmex.com/register/Ci1A3v
I lean more to a descending triangle target could be a Bart down to 7.5k.. but if after this rip up I don’t see a move like this happening. It can happen if on the break down the 0.5fib will be broken.. also the 0.618 is near there from the 40% pump btc needs to stay above 8400!
Bullflag can also happen but will we see another 30-40% pump? I don’t think that either the arrow points at the old descending resistance line.. for me the bullish signal would be if they can close above and build support up on that line..
If we break down and can hold above 8.4k this would be bullish for me as well!
I hope for the health of the market that we break down. Find support at the 0.5fib and start a new wave up!
Targets for me breaking down 8500-8400.. if break below that 7500-7300.
Targets for breaking up.. 10200-10400 if break above we could hit 12200-12000..
Be careful on trading a break down or up, because at this stage of the market it could be a fake out in either direction!
For me even after the 40% pump we are still in a bear market structure, because on the bigger trend we haven’t created a new higher high! And really looks to be an descending triangle, but of course market makers can paint the chart how they like on this volume!
Leave a like and follow me, comments are always welcome as well! If you want to try trading on bitmex use my link for extra fees!
www.bitmex.com/register/Ci1A3v
