Mother Candle - A big candle that engulfs the subsequent candles.
The Mother Candle formed on Dec 5th on a Daily Chart still holds good, with a Bear Counter Attack and a Fake Break Down. With the Rising Wedge to get to the Mother Candle, there is a very high probability that this could be a bearish reversal.
If there is a Break Down on the Mother Candle, there are known support levels from
92K to $85K. The price could dip down to one of these levels.
Let's see.
The Mother Candle formed on Dec 5th on a Daily Chart still holds good, with a Bear Counter Attack and a Fake Break Down. With the Rising Wedge to get to the Mother Candle, there is a very high probability that this could be a bearish reversal.
If there is a Break Down on the Mother Candle, there are known support levels from
92K to $85K. The price could dip down to one of these levels.Let's see.
Trade active
There were a lot of touch points on the topside of the mother candle, but there was no followup candle that closed above that line. The mother candle on the weekly timeframe holds good as well.Though the price has reached my target of 85K, there is a probability to reach the next major support at 73K.
Please take profits and trail the stop loss.
Trade closed manually
Trade closed on 10th Mar. Though the price went down close to the 73K target, this volatility is heavily influenced by trade wars and other geopolitical tensions, rather than pure technical analysis.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.