Second target spot on now down to $3300 - $3500
Updated
Following on from my previous post, we reached the $4200 target as expected and now there is hidden bearish divergence on the hourly chart. MACD and StochRSI are also starting to turn. Price has been following a broader descending channel since the price started crashing over a week ago and is sitting right at the channel resistance. Expecting another wave down since volume has also been steadily decreasing since the rise above 4k.
Reversal targets may potentially be the following:
Previous chart predicting the $4200
Previous post and first target:
Reversal targets may potentially be the following:
- The median line of the pitchfork which coincides with our 127.2 fib extension at $3501.
The 141.4 fib extension at $3420 which coincides with the trendline support formed by our swing low yesterday
The bottom of the channel and lower band of the pitchfork at $3302 which also coincides with our 161.8 fib extension.
Previous chart predicting the $4200
Previous post and first target:
Note
Revised target: $3120I've revised my pitchfork and fibonacci retracement target. Just realised the move from the $4529 high on 24 November to the $3657.60 low yesterday was met with a retracement to above the 68.1 fib. This should result in a continuation of the downtrend move to the 161.80 fib retracement level (from the $4529 high) which sets my revised target to $3120. If the swing low touches the larger downtrend support, hopefully we get a candle body close back above the pitchfork support to keep within market structure and hopefully we have reversal from there.
Note
Updated post with revised target:
Related publications
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.