Support-Resistance Analysis BTC
Raise your hand if you ignored that bearish divergence.
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I applied percentages to some possible short-term outcomes based on:
- the length and depth of the bearish divergence on the 4h charts
- the depth of that ominous H&S that classically broke halfway thru the right shoulder
- the relative strength of the major long-term trend lines
- the relatively lesser strength of the Fib and Fib-fan lines
- If we go down, we're looking at major support at ~7800 (.618) and ~6850 (long-term uptrend)
Long term feel: Tough to ignore the consolidation and pinch on the 1-day charts. Plays nicely into 30-50
K predictions.
I'd give 3k predictions a 15% chance right now. (fringe conspiracy theorists) ;)
Cheers!
B
. O/
./|
. /\
I applied percentages to some possible short-term outcomes based on:
- the length and depth of the bearish divergence on the 4h charts
- the depth of that ominous H&S that classically broke halfway thru the right shoulder
- the relative strength of the major long-term trend lines
- the relatively lesser strength of the Fib and Fib-fan lines
- If we go down, we're looking at major support at ~7800 (.618) and ~6850 (long-term uptrend)
Long term feel: Tough to ignore the consolidation and pinch on the 1-day charts. Plays nicely into 30-50
K predictions. I'd give 3k predictions a 15% chance right now. (fringe conspiracy theorists) ;)
Cheers!
B
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