BTC/USD Bitfinex 3/4/2018 - 3 Bull Scenarios
Updated
As seen in the chart,
We have (3) Area where we have major areas of confluence.
First Scenario, is that we keep the uptrend. In this case, we will see a bounce from 10600-10700 line and will spear through the neck line all the way upto 12300-12500 level.
Second case scenario would be that we see some uncertainties from buyers and that the price will break 10600/10400 level and that it bounces off around 10100 line. I would say with this case, the price will go sideway for a while.
As for the last scenario that it heads to 8.2k level and then see some buying actions there. Of course if this happens, we would then see 6k double bottom or 5k as plausible scenario.
As seen in the Gartley Pattern that I have drawn on the chart, we would first aim for 0.618 of CD Leg and then see what happens.
We have (3) Area where we have major areas of confluence.
First Scenario, is that we keep the uptrend. In this case, we will see a bounce from 10600-10700 line and will spear through the neck line all the way upto 12300-12500 level.
Second case scenario would be that we see some uncertainties from buyers and that the price will break 10600/10400 level and that it bounces off around 10100 line. I would say with this case, the price will go sideway for a while.
As for the last scenario that it heads to 8.2k level and then see some buying actions there. Of course if this happens, we would then see 6k double bottom or 5k as plausible scenario.
As seen in the Gartley Pattern that I have drawn on the chart, we would first aim for 0.618 of CD Leg and then see what happens.
Note
Resistance to watch - 9280 (neckline),0.618 RETRACEMENT 9400-9500
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