Price is channeling well, and if this is the proper count the we could expect a varying degree pullback off this 1.618% extension. if it does, would look to add further long contracts around 23.6% - 38.2% retracement zone. (.7850.7780) for eventual target of .8025 and beyond.
The measure rule for double bottoms say the Dow is headed for 29,000. May be a final top, or at least contentious because then the fib retracements from 1987 also show a pretty good line up with all previous topping levels, counter traders seek these harmonic kind of line ups in order to anticipate new trends developing. Short term to mid is bullish, just keep an...
Price is still heavy, though in the immediate term, downside is capped due to technicals. There is a potential double top off the 0.7825 price level. It would be free fall if price could actually escape the Channel parameter. Staying short; Target 1 price moved down to 0.7780.
In my previous chart I forcasted a correction at 0.7865 beacuse:
1.) Inverse head and Shoulders Target Price Met
2.)Resistance of the previous top connected from the previous low (In RED).
So Far, so good.
Now I put some of my swing trade and other tools to work and come up with 3 levels on the Correction.
1. Pyschological/ Fib Support: 0.7799
2. Yellow Rising...
Break of the ascending triangle tells me we should see 0.7890 within a day or two.
However, there seems to be a price gap on the 5 min chart at .7845
A safe bet is to wait for a gap fill, then go long for.7890.
Gaps don't always have to fill, but most of the time they do.
Stop below 0.7825.
Bitcoin is pinched between 100 day moving average and the falling resistance. As the two trend lines continue to converge and price range becomes smaller and smaller, price will be forced to choose a direction. In this case, because of the falling wedge nature of the chart, I assume the correction will continue util the 5th and last final touch on the Falling...
Despite the amazing returns and the seemingly straight up move in the dow, investors STILL do not want to let go of their US denominated assets. Instead of correcting like many have called for, the dow is still busting through barriers and resistances. this index, according to the swing pattern, still has minimum to 26,500, and depending on confidence in dollar by...
Unlike the range of the previous falling wedge (in blue) that took us from .81 to .75 , The speed and range of the current rising wedge (in yellow) shows us that the commodity linked currency is mercilessly in hot demand. Pullbacks are shallow and the speed at which price has increased has left us in a quick and narrow range. When a top is reached around.7865...