BTC ETH LTC: Dead Catch Bounce Scenario
Hello friends, today you can review the 1H charts for Bitcoin (BTCUSD), Ethereum (ETHUSD) and Litecoin (LTCUSD).
#CryptoPickk notes the following:
1) As the entire crypto market fell drastically, the potential for a move upwards is very possible. In these scenarios, a Dead Cat Bounce Pattern is very possible.
2) For anyone that doesn't know what a Dead Cat Bounce it, please refer to the Investopedia article for further details:https://www.investopedia.com/articles/00/101700.asp .
3) Using the Fibonacci Extension, taking the price from the drop start point to the drop end point, the 0.618 - 0.786 levels may be potentials for where the Dead Cat Bounce may happen and the price drops further from that point.
4) Remember one thing that has helped in trading: When a wick happens, the candle body close is surely to follow. Not financial advice of course. Do your own research.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
#CryptoPickk notes the following:
1) As the entire crypto market fell drastically, the potential for a move upwards is very possible. In these scenarios, a Dead Cat Bounce Pattern is very possible.
2) For anyone that doesn't know what a Dead Cat Bounce it, please refer to the Investopedia article for further details:https://www.investopedia.com/articles/00/101700.asp .
3) Using the Fibonacci Extension, taking the price from the drop start point to the drop end point, the 0.618 - 0.786 levels may be potentials for where the Dead Cat Bounce may happen and the price drops further from that point.
4) Remember one thing that has helped in trading: When a wick happens, the candle body close is surely to follow. Not financial advice of course. Do your own research.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
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