I've switched to a 4h view to get a better understanding - Trendlines were drawn on the daily, so look a bit off, but they've served well so far.
- Bounced nicely off the lower trendline after breaking the lower BB
- Logic says we now go on to test the upper trendline (and middle BB)
- However, it will depend largely on what BTC does
- So far, there has been no volume on the follow-through which is perhaps worrying
Basically, I'm not sure. There is potential for it to dip again and really test that support.
I remain confident about my original mid-term prediction of a retest of previous highs.
I have a SL set just below 12500, allowing for a bearish wick.
If the marked support breaks, next support is around 11100-11200
- Bounced nicely off the lower trendline after breaking the lower BB
- Logic says we now go on to test the upper trendline (and middle BB)
- However, it will depend largely on what BTC does
- So far, there has been no volume on the follow-through which is perhaps worrying
Basically, I'm not sure. There is potential for it to dip again and really test that support.
I remain confident about my original mid-term prediction of a retest of previous highs.
I have a SL set just below 12500, allowing for a bearish wick.
If the marked support breaks, next support is around 11100-11200
Note
Pattern invalid, SL reached.
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Related publications
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.