Looks like btc is forming a descending triangle/bear flag safe target 7k and lower.
Changed settings for fib lvls it is based on log scale now.
We broke the 0.382fib around 7850.
We could see the next pullback from the bulls towards the next fib 0.5 around 6600.
But for now targets for the bear flag/descending triangle are between 7050and 6800.
The red lines are lines from old daily support. To be honest I don’t see the bulls get it above those lines. If descending line is broken targets between the red lines, if break above we could see a test of the break out point at 7850.
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Changed settings for fib lvls it is based on log scale now.
We broke the 0.382fib around 7850.
We could see the next pullback from the bulls towards the next fib 0.5 around 6600.
But for now targets for the bear flag/descending triangle are between 7050and 6800.
The red lines are lines from old daily support. To be honest I don’t see the bulls get it above those lines. If descending line is broken targets between the red lines, if break above we could see a test of the break out point at 7850.
If you like my charts leave a like and follow me, if you want to try trading on bitmex use my link for fees and it would help me a lot!
www.bitmex.com/register/Ci1A3v
Comment:
1h descending line broken, there is still an descending line on the 4h resistance around 7470 at this time, might see some uptime if it goes above that. But targets if they get above there 7520-7620 and very slightly possible 7850
