First of all SORRY for all the lines.
This is a working chart but they are all relevant to this post.
Main chart is DAILY and shows ua the Pennant that we appear to be printing with the descending channel inside. The diagonal line falling is the Fib Circle we recently broke through.
See how, once above the fib circle, we slid down the outside, using it as support, as we often do.
Then we hit another line of support and that created this recent push higher.
Should we continue, we will most likely go to the upper trendline, towards that circle. Circle center is around Sunday 6th.
While we are still on the daily, see that Pennant Apex...that is a Week on Sunday, the 15th.
99% of the time, PA reacts BEFORE the apex.
Should things continue, we can expect to see a rise till end of weekend, Rejection back to lower trend line and then a Rise and maybe a push Out of the pennant to new highs.....OR, and I think this is very probable, we go back to around the ATH line ( blue Dash) and Dip back down again.
It is worth remembering that we have inflation data being released in the USA next week.
People will likely wait to hear ths before making to many big moves.
The Daily MACD offers some guidence on this also
https://tradingview.sweetlogin.com/x/tGaEiruh/
MACD nearly back on Neutral and could bounce. The Dashed line is this sunday.
MACD could continue to drop below neutral, we shall have to watch this closely.
As I mentioned, in the short term, BTC likely to reach for this circle in the 4 hour chart below.
https://tradingview.sweetlogin.com/x/LCi6R4KW/
I will admit, I expected PA to reach this point in a differnent way as posted earlier in the week, But, Hey, we still getting there..
Should we get rejected there, as I expect we will, then a revisit to 103K before a push back.
But given the inflation figures, things could get very volatile next week so CAUTION
We can see on the 4 hour MACD how we have already been rejected of Neutral once and we are heading there again
https://tradingview.sweetlogin.com/x/99YO1Skn/
The potential to push through the neutral line exists but.......
I do expect some volatility and so we need to be aware things could change rapidly.
The inflation data is a key. Depending on if it is drooping, rising or flat, this WILL effect the situation with regard to the FED Rate decision later this month.
So, we wait, with caution and expectations
Nothing to be taken as Financial advice.
I will always say
"Only invest what you can afford to loose. When you are ready, take out your original investment. This way, it is only your profit that is at risk"
THAT is Financial advice
I will always say
"Only invest what you can afford to loose. When you are ready, take out your original investment. This way, it is only your profit that is at risk"
THAT is Financial advice
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.
Nothing to be taken as Financial advice.
I will always say
"Only invest what you can afford to loose. When you are ready, take out your original investment. This way, it is only your profit that is at risk"
THAT is Financial advice
I will always say
"Only invest what you can afford to loose. When you are ready, take out your original investment. This way, it is only your profit that is at risk"
THAT is Financial advice
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.