Short Ascend to Resistance

Updated

I am just exploring the Fib points along with daily support and resistance channel to predict short term outcome. This is highly uncertain, for educational/experimental purposes only.

Note

Buy at 6300
Sell at 6800
stop at 6100
How do I know if thatis a good trade?

Note

Still trailing channel but looks like it could fall into lower support line. The new trade range would be 5800-6600.

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Wow bulls kept the channel alive. The range is getting bigger both ways

Currently, Channel is still supporting daily candles with precision. We have some room to touch the bottom line, and If volume keeps building up we are likely to see meet the ceiling at 6800. That's where things may get interesting, let's watch volume closely.

Note

I predicted the movement based on waves from previous bull runs. It seems like the arrows have been aligning with corresponding BTC movement. We hit 6800 earlier than I expected, so it's not clear if we are headed towards the resistance line again. It seems that there is more of a pull from the support line below - I am betting on volume to indicate the next movement. If it stays flat, we go sideways, if it falls we fall to support.

However, there is a good chance bulls may spike it past the support line to get rid of shorters. This weekend the CME futures expire and we may see new influx taking the trend to a new short term bullish channel.

In the long run, I think we are still at the tip of the bearish correction, and we need to have one more big dip to strong support lines before we can convert to bullish trend.

ttovmasy

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