BTC Short-term Prediction Technical Analysis
Updated
Retracing back from the last large wave from BTC's uptrend, you can see on the left of the chart that the .618 fibb was initially strongly resisted which was what brought us to the double top formation.
As we (should) know, double tops don't end well.
Points to note:
1. Here you can see the breakdown of the .618 fibb of the larger Wave as well as the .618 fibb of the double top wave.
2. Heading back up from this, it resisted its own .618 fibb (green line). This is not looking good.
3. After retracing down, it shot back up briefly breaking the green .618 fibb but did not reach a new high.
4. It broke the green double top .618 fibb again, retraced down below it and then resisted the same .618 fibb which it previously broke. Not looking good even more.
5. Here it hung around between the .618 fibb of the double top and the .618 fibb of the wave immediately preceding (orange line), using the 2 lines as support and resistance . But as you can see it was edging down more so than up into the orange line and hanging around between the .618 fibb of the larger 1st wave and it's own .618 fibb (a very narrow band of uncertainty). But by this time it is obvious it ain't heading up.
6. It finally properly broke through it's own .618 fibb today.
Where do I think it's going? 'Right thurrr'...follow the volume profile of the larger 1st wave.
When it reaches this point, I presume it is going to try to use it as support. This area will determine BTC's future over the longer term. If it breaks this area (7500-8000), BTC will be heading downwards for a much longer period of time. If it resists it, a new analysis will be needed for a possible trend up.
The plan is to play into long stops until this level (if any exist) or from this level. Signals will be provided on Purple Crypto Premium.
If it breaks it, then this is analysis will be the most likely scenario:
Cheerio.
As we (should) know, double tops don't end well.
Points to note:
1. Here you can see the breakdown of the .618 fibb of the larger Wave as well as the .618 fibb of the double top wave.
2. Heading back up from this, it resisted its own .618 fibb (green line). This is not looking good.
3. After retracing down, it shot back up briefly breaking the green .618 fibb but did not reach a new high.
4. It broke the green double top .618 fibb again, retraced down below it and then resisted the same .618 fibb which it previously broke. Not looking good even more.
5. Here it hung around between the .618 fibb of the double top and the .618 fibb of the wave immediately preceding (orange line), using the 2 lines as support and resistance . But as you can see it was edging down more so than up into the orange line and hanging around between the .618 fibb of the larger 1st wave and it's own .618 fibb (a very narrow band of uncertainty). But by this time it is obvious it ain't heading up.
6. It finally properly broke through it's own .618 fibb today.
Where do I think it's going? 'Right thurrr'...follow the volume profile of the larger 1st wave.
When it reaches this point, I presume it is going to try to use it as support. This area will determine BTC's future over the longer term. If it breaks this area (7500-8000), BTC will be heading downwards for a much longer period of time. If it resists it, a new analysis will be needed for a possible trend up.
The plan is to play into long stops until this level (if any exist) or from this level. Signals will be provided on Purple Crypto Premium.
If it breaks it, then this is analysis will be the most likely scenario:
Cheerio.
Note
A trade was not entered into in the recent uptrend a BTC's move was not a convincing one for me. Plus, I saw a better opportunity in MATIC which made a larger profit in a shorter period of time while diversifying.Adding on to my analysis, here is the likely scenario for BTC's end of the contracting barrier triangle wave formation, projected to reach my initial analysis around the 7670 mark.
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