BTC in a clear channel up, I believe a break up
and out of this channel is a very bullish move,
if this happens a respect of 13850 is what i'll be
waiting for. A bearish move down and I'll be
waiting for Price Action on the 4 hr to give some
sign of a bearish move. Hammer, Engulf, Tweezer
top, Double top. Divergence is there.... now we
Silver has hit support and wicked off twice.
This is a key level that has been respected as
support and resistance multiple times. Fibs from
previous market structure lands the current 4 hr
candle on the 61. I am waiting for confirmation
of a bull hammer off this support on the 1 hr.
Price action is a must. No trades until all criteria
Hi guys, My thoughts on Bitcoin or a possible scenario that could play out. I think she's in the middle of a somewhat symmetrical triangle. I think short term a retrace between the 38 and 61 before heading down is my strongest play. the 61 has strong resistance and it doesn't look ready for a break out.
The 61.8 Fibs has played out numerous times historically. I've simply put a chart together showing only reversal points... In my mind this is just one more small indication DXY is going down.
The last weekly candle is a big one and I'm guessing has a lot of momentum behind it.