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Sell-trend

Accumulation/Distribution pattern for 3months watching onLooking at the chart on Bitfinex from June 28th, 2018, the price has been bouncing off the same support line, that has kept the rate above $6000 for three months. This price support won't necessarily mean accumulation lets not assume this but look at the wave movements when the price hits this support line. We observe that there are three noticeable waves which I labeled 1,2,3, once the price hits this bottom support range. Observe that the wave 2 retraces 68.2% of wave1 and currently these are holding at support at $6400-$6300 if this support should stay, it's safe to assume that the price might hit $ 7145, Just using these repetitive patterns. We will have to watch these till next week Thursday. It's important to note that the price since January has followed a descending triangle or falling wedge, the former is bearish, and the latter is bullish meaning we wouldn't quite actually know till it breaks, either way. This new rising channel has helped Bitcoin price to form higher lows which are almost bullish asides that we need a high to confirm these bias,it's important to remain neutral when reviewing the market so as to avoid confirmation bias, if this channel breaks and price closes convincingly below the support we should be looking at $5900 to hold if these falls then it's probably a descending channel and this rising channel represents distribution, not accumulation meaning we will be considering a very extreme low in the range of $2000. Mike Novogratz and Brian Kelly called $6000 as the bottom we will have to see for the next couple of days, knowing they are 'permabulls' it might not be wise to conclude yet. These are just technicals without considering positive news, negative news and some fundamentals. The setup of the rising support will be invalidated if there is a close below the support line a convincing candle and volume. The 123 waves I labeled which I am watching closely if this present support holds then am looking at three bullish outcomes where wave 3 might end up at, that is if this thesis holds true that we have been accumulating since June 28th a. The wave 3 will end up at $7145, coinciding with the falling wedge / descending triangle resistance, and probably head down again to support for further accumulation. b. Price bursts out of the resistance of the wedge/triangle and heads to $8056, this will be a very bullish outcome as the price has broken out of longtime resistance, a likely scenario after this might be a retest of the upper resistance line of the falling wedge, which will then support. c. A price rise to $9000 should not be ruled out as a wave 3 which will be a repeat of the first but a little higher, validating the rising channel. Am taking the scenario the first as the most likely to happen as it is safe to bet on, and less risky if we get to the target price we will reevaluate the price setup in small Timeframe and get to see if the price will probably go higher. Again it is important to state that this isn't finality in this analysis, its just a repeated pattern. Where its safe to assume that it has a probability of acting the same, it is also essential to review it from time to time as at the time of writing this article the price has shown some significant sign to support our claim price is currently at $6470.It is imperative to restate that you should trade with utmost caution and avoid FOMO, as the chart might be correct it doesn't matter if you don't have good entry skills, position management, and cash management skills. ENTRY -- $6284 - $6400 SL -- $5900 Profit 1 - $7140 Profit 2 - $8056 Profit 3 - $8894 disclaimer:- not a financial advice just playing with words, pattern, data, on charts Like /share /follow/ comment
BITFINEX:BTCUSDLong
by ekeneobi