Looking at daily chart bitcoin, we see that it's consolidating and forming a bear flag. As long as bitcoin circling around between bear flag as support and EMA120 as resistance, I personally consider that as a non-trading setup zone. It's a limbo where I prefer to avoid and wait for the next movement. Yet, i predict the limbo won't stay for long, maybe last for half day to 2 day ahead.
So far, I still predict that it'll gonna form a double top. To fully achieve that, first, bitcoin must close below 78,6% retrace that act as critical support and EMA200 to confirm the bearish maneuver. Then hopefully we could get a scoop of bitcoin at the buy zone. This prediction will only be invalidate if the candle surpass EMA120.
Here's the resistance and support for the scenario (red line arrow). Possiblities 50%
R3 : 11.800
R2 : 10.530
R1 : 1.0010
S1 : 8.953 - 8.831
S2 : 8.000 - 7.820
S3 : 7.000 - 6.850
For other scenario possible happen will be reflected on orange line arrow (30%) and green line (10%) and other scenario 10%.
So far, I still predict that it'll gonna form a double top. To fully achieve that, first, bitcoin must close below 78,6% retrace that act as critical support and EMA200 to confirm the bearish maneuver. Then hopefully we could get a scoop of bitcoin at the buy zone. This prediction will only be invalidate if the candle surpass EMA120.
Here's the resistance and support for the scenario (red line arrow). Possiblities 50%
R3 : 11.800
R2 : 10.530
R1 : 1.0010
S1 : 8.953 - 8.831
S2 : 8.000 - 7.820
S3 : 7.000 - 6.850
For other scenario possible happen will be reflected on orange line arrow (30%) and green line (10%) and other scenario 10%.
Note
From 4H chart, bitcoin has slide down from the bear flag, 78,5% retrace, and green support line. And it only took a single chart to do it (what a nasty combo!). The reactionary candle after that also got stuck at the bottom of green support line, this may confirming that the support has become resistance. For now the possibilities of the scenario are 70%.Here's the snapshot
Note
bitcoin last chance to rebound before hitting 7k USD
Trade closed: target reached
Double bottom patyern formed with the bottom price at 7.3k usd
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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.