Great run, all the way to the top of the channel and beyond, going through important 8200 sats level and hitting its head on the 8700 level. We should retrace now to at least 7700 sats, I have a short from 8500 when it confirmed it would go down. Maybe we will do a M shape with a double top prior going to bottom of channel. Of course, it is possible that after the retrace to 7700, we push through previous high so keep a close eye on price action at that level and look for confirmation candles and re-tests of levels.
Thanks.
Thanks.
Comment:
A wedge formed from LH and LL. This is bullish and we should see a nice break up in the near future:
Comment:
Comment:
The wedge has broadened a bit through the movement. We tested the support around the 7850 level with a violent outbreak downwards from previous support at 8250 level.
Reasons to go down more:
Wedge not completed yet
RSI not oversold yet
MACD has room to go down
I will look for signs of reversal at 7700 level but for now, I think it might test the 7400-7500 bottom line of channel prior going back up
Reasons to go down more:
Wedge not completed yet
RSI not oversold yet
MACD has room to go down
I will look for signs of reversal at 7700 level but for now, I think it might test the 7400-7500 bottom line of channel prior going back up
Comment:
Price is going sideways, I am now expecting a Bart move back up or who knows.
Comment:
Ascending triangle broke downwards. I expect range trading for a while prior testing lower line of bigger channel.
