Hold on to your butts! We're not out of the woods yet boys and girls!
Yesterday was a nice unexpected short-term bull run when
BTC bounced on the support at the 38.2 FIB retracement line. The support was tested and the bulls came through. What's odd was the trading volume didn't spike until several hours later when BTC settled at $8,800.
You can see we've drawn another upward bear flag and the support trend line was broken at $9,600. A potential short-term head and shoulders pattern is forming with the support levels at $8,400. If you decide to enter the game, the potential right shoulder may peak at $9,100. After the right shoulder is complete, if the support at the 38.2 FIB retracement line fails, we could see a quick drop to the 23.6% FIB retracement line and an eventual double bottom at our target of $6,400.
Yesterday was a nice unexpected short-term bull run when
BTC bounced on the support at the 38.2 FIB retracement line. The support was tested and the bulls came through. What's odd was the trading volume didn't spike until several hours later when BTC settled at $8,800.You can see we've drawn another upward bear flag and the support trend line was broken at $9,600. A potential short-term head and shoulders pattern is forming with the support levels at $8,400. If you decide to enter the game, the potential right shoulder may peak at $9,100. After the right shoulder is complete, if the support at the 38.2 FIB retracement line fails, we could see a quick drop to the 23.6% FIB retracement line and an eventual double bottom at our target of $6,400.
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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.