I remember before a few years when BTC was 8888CNY it was a hard exit level on the Chinese market. Now 8888 USD can be a hard entry-level!
The main target is around 10200 but -10000 a round number is a very strong psychological level -We have already a complete formation it is a little controversial Price is in the zone for the pullback
The trend is bullish until not turn to bearish so until the price is above the lower channel trend line context is bullish if the price broke that level the context will be changed!
If pullback starts there's a few important levels for watching! Sure it can happen only if BTC also starts to decline!
Sure it will depend on BTC movements! If BTC HS will work than BTC target area is around 8800 so ETH can make deep movement + - equal as BTC in %!
If not works then our next target is around 10000! Also if the HS works then if we have trend continuation from target 1 level our next target is around 10000! If broke T1 level than our next target is around the back-test level of the upper wedge trend line and also around fibo 61.8 of the complete wave up to the 9600 T2!
Definitely chart of BITMEX is relevant for now like we can see the perfect pattern for entry long we get only on Bitmex chart! Shorting is much harder than Long and much dangerous so if you want to short than this can be the opportunity!
Finally, results are a little different always than we try to predict that is only because nobody knows really where the price will go ever for 100%(who told you different he lie). What we can do is only try to find high probability entry and exit levels and if we are wrong our stops should save us with cutting our risks! We have started somewhere here And now...
Logical target is between fib 38.20 and 61.80 and also there is at 61.8 fib the previous high! Good luck!
If we want to go Long i think it will take few days until price will be in area for entry. Probability to get wave 4 an ascending triangle!
Main target 1 is around 7400-7500 what is cross of 4 important levels fibo extension 1.618, fibo 61.8 previous trend line of HS necks and The strongest trend line is the Upper wedge line! If it will be rejected from upper wedge trend line(back-test) than we can have a trend continuation to the upside If price return inside of the wedge than longer term main...
Very simple setup! Entry Short 8485 Sl 8644 TP 7480 Risk reward ratio is 1: 6.37 Sample if Shorting 1 BTC Potential lost 160 (+ - fee) usd Potential profit 1000 (+ - fee) usd
If this pattern works than our targets are clear!
Be careful because a strong decline can happen soon! Chinese new year is very near now and we should not undervalue the impact of the Chinese market to the global price! Chinese real price is already a few days about 100 USD or more under the global market average price. Always when the Chinese price is under global market price a big decline happened last 5 years...
Next decline can be very fast and strong but possible it will happen only after the correction is finished first!
In both case scenarios are bearish!
If BTC returns in the wedge and only in that case if BTC will make a new low this case can happen! If we take a look from the bigger picture from almost the beginning of ETH than we can see this case is not impossible and it is also logical. I hope it will not go this way but anyway I must mention this possibility too!