So our recent long position took 7hrs to hit our mark of 1.40... but at least it hit :)
Moving forward we are going to zoom back out from the 1hr chart and analyze the 4hr chart shown above.
As illustrated on the chart we can see a clear downwards trend pattern forming in measured waves...
The last two waves down bounced just above the 21 EMA shown in Red, before starting another leg down.
From our recent long position, we can see the same pattern forming as the last two legs down.
It is also worth noting that BTC cannot hold 50k let alone climb anywhere above it. This is bearish and shows that the market is ready for another push down imo.
Lastly, the 1d chart shows our EMA's on the verge of crossing over...could happen in the following 12 hours so i'm watching closely that as well.
@sanderrhorst, ? what are you talking about it clearly hover at resistance.
daytrading_is_my_favourity
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@ACT187, Of you add the latest candles, you can see it currently is bouncing in the other side of the EMA. So it is a fact that this time it is way different then the other ones. We will see what happens;)
UnknownUnicorn8519602
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even the last two waves did the same thing. Especially the first one, look how much it broke right above the EMA but then reversed. BTC will probably hit 52kish before backtracking....this is the price movement you are seeing.
daytrading_is_my_favourity
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@its_easton, I see, but that time, there were only one or two candles that broke it. Now I already see three. I think we might break it this time and move to the top of the big triangle that we're in. But we will see;)
UnknownUnicorn8519602
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could be...as always I will wait for verification by a cross of the EMA's... 🙂