Possible Bitcoin movements from 15th Aug 2019 till 15th Sep 2019
This is just a breaish wave fractal idea with key support and resistance areas, with this type of fractal wave pattern analysis the probability of each consecutive wave playing out reduces overtime. So dont read too much into the later waves, but do pay attention to the support and resistance levels.
Comment:
Wave 1 is complete, touched 9475. Wave 2 has nice volume, might test 10600 area much quicker than anticipated. If it rejects at around 10600,then the bearish scenario continues. However, if it breaks 10600 and tests 10950 resistance then this bearish scenario is still in play, just gotta readjust the 2nd and 3rd wave. Beyond that we can redraw a neutral scenario.
Comment:
The price broke above 10600, If it breaks above the 10950-11000 range then we will start drawing a neutral and bullish scenario based on how the 11450 area holds
Comment:
BTC rejected the 10950 resistance, next target 8850.
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Before reaching 8850 support we will have a decent bounce at double bottom around 9500. However, if 9950 holds we might retest 10950.
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That blew right through 8900, now consolidating at 8000-region. Based on the dump volume i think we will have another leg down to 7500 region.
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Keep in mind that we are forming a double bottom at 8k, so if the news few 4h candles are bullish we might retest 8800 first.
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next few 4 hour candles*
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The resistance/support levels did their job quite well i must say.