Hey guys, Small update with brief information.
We have found ourselves within a Smaller channel, This channel plays out in the bigger/longer term channel.
What we do see evolving at the end of the smaller channel is, a downward sloping resistance, This could be bad news for our short term trend.
If the Yellow line (downward sloping resistance) succeeds in pushing Bitcoins price down and out of the smaller channel, we will find refuge around $12,400
this also coincides with the median of the bigger channel that we mentioned in the previous publication.
If however we bust through this Yellow line.... Well then good things could come.
our first zone of refuge will be around $14,200
once we have met this target we could very possibly retrace to the upper zone of the golden pocket of the Fibonacci zone, $13,900 before pushing further on up towards the 0.786 sitting around $16,200
The weekend is coming, which will mean volume will drop away which is also a negative sign.
if we breakout in the weekend the volume is usually very insignificant to actually confirm the breakouts.
Thanks!
We have found ourselves within a Smaller channel, This channel plays out in the bigger/longer term channel.
What we do see evolving at the end of the smaller channel is, a downward sloping resistance, This could be bad news for our short term trend.
If the Yellow line (downward sloping resistance) succeeds in pushing Bitcoins price down and out of the smaller channel, we will find refuge around $12,400
this also coincides with the median of the bigger channel that we mentioned in the previous publication.
If however we bust through this Yellow line.... Well then good things could come.
our first zone of refuge will be around $14,200
once we have met this target we could very possibly retrace to the upper zone of the golden pocket of the Fibonacci zone, $13,900 before pushing further on up towards the 0.786 sitting around $16,200
The weekend is coming, which will mean volume will drop away which is also a negative sign.
if we breakout in the weekend the volume is usually very insignificant to actually confirm the breakouts.
Thanks!
Comment:
Currently we have reached the first target towards the upside,
We need to be very cautious here with the direction of Bitcoin,
if we stay consolidating above $14,000 we will build a foundation to support an even bigger move upwards,
If however we do break back down below the fib 0.618, this could be very bad for the market structure. This would mean we would set a lower low, (locally)
We need to be very cautious here with the direction of Bitcoin,
if we stay consolidating above $14,000 we will build a foundation to support an even bigger move upwards,
If however we do break back down below the fib 0.618, this could be very bad for the market structure. This would mean we would set a lower low, (locally)
The weekend volume is insignificant so waiting until Monday to make further analysis is the smartest move at the moment.
We are still printing higher highs, and higher lows which means we are still in an uptrend.