Good morning all!
If we simplify our charts we can visualize the down sloping channel that has formed after reaching the $0.325 top. Price has been grinding along the upper line like BTC was doing right before it quickly dropped to $9,500. We are on top of support but underneath the rising white channel. Price is stuck in-between two important areas and should be waited on for further conviction. Downside targets are back to the midline of the falling yellow channel around $0.27 while upside targets are at the upper line of the white channel near $0.31. In this type of situation it is not clear as to what should be expected. The larger time frame pattern is the stronger one that will hold more precedence on the next move. With that being said it is more likely we see the upper target rather than the lower one. Wait for confirmations and forget about being right! The falling triangle does not make fore a case on a long entry at this exact moment! Wait for the move to happen and play the reaction rally.
As always this is only my opinion!
If we simplify our charts we can visualize the down sloping channel that has formed after reaching the $0.325 top. Price has been grinding along the upper line like BTC was doing right before it quickly dropped to $9,500. We are on top of support but underneath the rising white channel. Price is stuck in-between two important areas and should be waited on for further conviction. Downside targets are back to the midline of the falling yellow channel around $0.27 while upside targets are at the upper line of the white channel near $0.31. In this type of situation it is not clear as to what should be expected. The larger time frame pattern is the stronger one that will hold more precedence on the next move. With that being said it is more likely we see the upper target rather than the lower one. Wait for confirmations and forget about being right! The falling triangle does not make fore a case on a long entry at this exact moment! Wait for the move to happen and play the reaction rally.
As always this is only my opinion!
Comment:
Comment:
Comment:
0.618 retrace after a major move up with a potential double bottom forming at the end of a down sloping resistance. Lover levels of negative momentum with the triangle turning into a possible wedge.
0.618 retrace after a major move up with a potential double bottom forming at the end of a down sloping resistance. Lover levels of negative momentum with the triangle turning into a possible wedge.
Comment:
Back testing resistance as support just under the 0.5 retrace.
Still watching this triangle and descending channel!