#bitcoin #xbt - Pattern X or Dump ?Good morning traders,
let´s zoom into the Daily for today and have a look at our actual odds & outs here and some possible moves.
Fact 1: We have been in this downtrend-channel for an extended period of time, and a turn becomes more likely on every swing.
Fact 2: We have a strong support keylevel (blue), if we fall through this, good night. ( OR -> FACT 4)
Fact 3: As you know I don´t do forecasts, so I cannot tell you what exactly is going to happen.
Fact 4: We have a couple of possibilities on hand for "Pattern X". This can easily turn out as: W-Bottom, Adam & Eve, inverted Head & Shoulders and some more.
Fact 5: we don´t know IF and WHICH of these will play out. We need to see Bitcoin´s behaviour AT those levels (reactive trading). Trying to forecast this, can make you bleed.
Fact 6: We also have two possible Necklines: 1. Horizontal and 2. the channel middle line, which would be a crucial first good try if broken. (We have talked about this in the last post)
As usual I have marked in the chart for you what to watch out for + important levels.
Have a nice week guys!
Warm regards,
Neru
