Very interesting happenings lately. As I have repeatedly mentioned MA200 it has also proved great importance this time. The image is slightly viewed from different sides... Triangle, flag, etc., all views have common points.
The price of $6500 was already mentioned in the previous post, this is also the new lowest point. That doesn't mean much. At the moment it is important to beat $7300/400 but it does not show well. We can say the price is in the channel or the Big bull's flag. In order to have that kind of meaning it is mandatory that the price breaks over $8000 and consequently 1D MA200.
Otherwise, the price can be tested at the bottom of $6500 and we will see if it lasts. If it do not hold, many buyers are waiting for a price of $6k or lower. According to the RSI 1W there is room for a fall still much.
The ideal bounce would be at around $5500 where it could also be a bounce at 1W MA200.
The worst case is the red zone. This would mean about 90% of the correction, which also would be nothing unusual for Bitcoin, but I think that it would not be good for the market.
The price of $6500 was already mentioned in the previous post, this is also the new lowest point. That doesn't mean much. At the moment it is important to beat $7300/400 but it does not show well. We can say the price is in the channel or the Big bull's flag. In order to have that kind of meaning it is mandatory that the price breaks over $8000 and consequently 1D MA200.
Otherwise, the price can be tested at the bottom of $6500 and we will see if it lasts. If it do not hold, many buyers are waiting for a price of $6k or lower. According to the RSI 1W there is room for a fall still much.
The ideal bounce would be at around $5500 where it could also be a bounce at 1W MA200.
The worst case is the red zone. This would mean about 90% of the correction, which also would be nothing unusual for Bitcoin, but I think that it would not be good for the market.
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Bull flag in progress....Note
Looks good for now...Note
wohhoo :) even better-- now i wanna see at least 1H candle close above $7400Trade active
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Next target $8100/200, but still possible test $7400Note
possible rising wedge.... If price will not break up the wedge, the drop will follow...Note
Wedge played out...Note
close view:Note
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looking good for now...Note
action is close...Note
I was hoping for more selling pressure..but price is hoovering at this point IMO. As you can see, purple channel is broken. There is still some support at $7100 range, but i thing that will broke too. There is a lot of interest do go deep as it can go, there are not "all" on board yet.
So, after (if) $7100 broke, $6500 is the next stop-over and then one more leg to $6k.
IF that will be the case, wedge would be in play, but even so, price can make a spike a lot lower then $6k. Time will tell :)
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Possible break out (short term)Note
after rejection... support is holding again... but question is... how much more...Note
On the edge...Note
7100 still some power...Note
played out... little bounce... max. $7380 (if)... othervise stiil headed down... $6500 is the targetNote
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It doesnt look good... Next range target Is $6500 - 6200Note
Target 6500 reached. Let see if it holds... Next support 6300Note
Good bounce for now... Now we need candle close above $6750 or better $6800, otherwise that was all fake again...Note
Nicely played out. Next couple of days will be important! Price must hold above $6750If there will be another push over the weekend, BTC need to go over $7150 to unlock target $7800.
In other direction, everything under $6750 is critical and it can produce bigger drop...all that would be just another manipulation...
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well.. no weekend needed i guess :) That was even more then i expected...For now i can say, price above $7k would be ideal for new days...Trade active
from last update...that was amazing :D i am still doing updates on this post because the main idea is the same and it`s in progress as you can see... Just wanna put some charts in lower time frame, but as i new idea, no need i think... but sill, feel free to put any comments below :)
From this point is important to break blue downtrend line. Yesterday was a super move, put some live in the market, but price is still in a downtrend channel.
But this is crypto, everything is possible in no time. Let see how it roles over the weekend :)
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looks good for now..Trade closed: target reached
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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.