while everybody is waiting for 8k level to hit the moving averages and bounce I expect to stay sideways (9k-11k zone) till the moving averages catch up and flatten at 10k area before any move above 13k.
disclaimer : this is not a trading advice.
looks like everyone stopped calling 15k and 16k and new ATH targets !
WHY 15-16k target now ?
1- This idea is pretty contrarian now while many waiting for that 8400 target !
2- bull flag formation after a strong rally is an indicator for continuation.
3- altcoins carnage with many hitting daily 200 MA and below.
4- Because WHY NOT !
Unless market is looking...
YES I KNOW MANY WOULD SAY THIS TIME IS DIFFERENT WE ARE HEADNG TO THE MOON W/O CORRECTION..
I KNOW HISTORY DOES NOT REPEAT ITSELF BUT IT RHYMES.. AND WE SHOULD SEE SIMILAR CORRECTIONS AS IN THE PAST VERY SOON !
AFTER A MASSIVE RALLY AS IN PRE 2015 HALVING LTC APPRECIATED MORE THAN 7X SIGNALING A DEEP CORRECTION AS BTC ALSO NEARING A STRONG RESISTNCE AT 12K
TESTING 200 DMA IS INVETIBALE AND NO !! THIS TIME IS NOT DIFFERENT ;)
LOOKS LIKE A TEXTBOOK H&S PATTERN !
ONCE NECKLINE IS BROKEN AROUND 7400 $ - 7500 $ SELL PRESSURE WOULD ACCELERATE
DISCLAIMER: THIS IS JUST AN IDEA AND DEFINITELY NOT A TRADING ADVICE !.. PLEASE TRADE AT YOUR OWN RISK.
2017 --> 5k-20k mania fractal applied !
TARGET : 200 DAILY MOVING AVERAGE SHOULD ACT AS A STRONG SUPPORT (4500$-5000$).. ALTHOUGH AN HOURLY PANICK WICK BELOW THAT LEVEL IS VERY POSSIBLE..
DISCLAIMER: THIS IS NOT A TRADONG ADVISE..TRADE AT YOUR OWN RISK.
forming a cup and handle which is a reversal pattern.
Note that the handle range is subjective and can form as low as 4200 $
once the cup and handle breaks above the target is equal to the cup hight which sets it around 7900$ level