BITCOIN/DOLLAR (BITFINEX)
LOSES STEAM AT KEY LEVEL MARKET BY PREVIOUS FAILED SUPPORT LEVEL HEADING BACK DOWN TO A KEY FIBO LEVEL.
EXPECT IT TO RETRACE RIGHT OFF THE FIB LEVEL
In this chart I used the elliot wave pattern in conjuction with a bullish flag.
I also overlayed the Fibonacci Retracement and it clearly indicated known areas of support and resistance both current and prior.
What's your thoughts?
Bullish or Bearish?
BTCUSD must maintain the key level of support to maintain the bullish falling wedge pattern.
Look for $10k levels if it breaks down as a key area of retracement...
BTCUSD Chart
I accidentally noticed I used Bitstamp but it applies to mostly all exchanges...
Bullish Pennant is formed, needs an upside movement to hit the topside resistance to form a new support for a clean breakout.
Possible for it to break down through the wedge and cause a downward trend.
But the higher lows is a bullish indicator.
Trade well. Trade smart.
Chart Shows Current Downward Trend Backed by Lower Volume And RSI...
(About A Week Before The Fork) Before Any Large Upward Price Movement can Occur...
Price Stays within the channel for the time being.
Similar To Last Fork*
Showing what could happen given the last fork.
Lower Volume and somewhat downtrending sideways movement before the fork. Then huge upward price movement after the fork? Again?
Similar Scenario
COINBASE:BTCUSD
First Idea here on tradingview, let me know what you guys think?
You think it will be as resilient as it has been the past day? Or you do you think FOMO will set in?
Comment and let me know what you think
