If the inner pattern plays out (purple), the outer (cyan) might be more likely to happen, which would increase the likelihood that we've bottomed out long term.
DISCLAIMER: This entire idea becomes meaningless if breakout above 8400-8500 doesn't occur in the next couple days.
DISCLAIMER: This entire idea becomes meaningless if breakout above 8400-8500 doesn't occur in the next couple days.
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So far so good! 50-hr MA preparing to cross the 200-hr MA. Crossing point could be a potential support as BTC continues to consolidate. Strong bounce from this cross would be a signal for continuing upside. A common MA cross pattern, just waiting for it be confirmed
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Pattern isn't playing out as theorized. Scrapping this play, going to adjust for different patterns and trendlines to base trades off of. This one was kinda longshot anyways, a guess that was made too far out.
Gotta stay dynamic!
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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.