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The move we saw last night was not the big move that BTC is getting ready for. This is normal market movement in preparation for such an event. The lowest point we saw was $100 under the 0.786 target we discussed in the previous post. After a "major" move to the downside we should expect a reaction rally to the upside and have a trading range established - which we did at the 0.618 under $9,950 - and a secondary test of the low point. We should wait and see how price is reacting now over the channel's mid line support and 0.786 level. Ideally, we would like to see a lower low point in price with less volume, and less negative momentum on the MACD to confirm the reversal. This is perhaps the most critical moment now for BTC. It is not a coincidence that we are approaching the 21W EMA at the base of this descending channel at $9,300! If price descends to this level and breaks below then BTC will most likely enter a new aggressive bear market. This is not the awaited fate however as BTC will most likely break to the upside of this channel and begin a powerful rise up.
Leave a like and comment!
The move we saw last night was not the big move that BTC is getting ready for. This is normal market movement in preparation for such an event. The lowest point we saw was $100 under the 0.786 target we discussed in the previous post. After a "major" move to the downside we should expect a reaction rally to the upside and have a trading range established - which we did at the 0.618 under $9,950 - and a secondary test of the low point. We should wait and see how price is reacting now over the channel's mid line support and 0.786 level. Ideally, we would like to see a lower low point in price with less volume, and less negative momentum on the MACD to confirm the reversal. This is perhaps the most critical moment now for BTC. It is not a coincidence that we are approaching the 21W EMA at the base of this descending channel at $9,300! If price descends to this level and breaks below then BTC will most likely enter a new aggressive bear market. This is not the awaited fate however as BTC will most likely break to the upside of this channel and begin a powerful rise up.
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immediate term price action to watch out for
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Closer look at the 15 minute chart seems like a bear pendant. We are most likely going to see lower levels again. $9500 is the target! If price beaks to the upside it might only form a flag instead. Keep in mind the flag always has a chance of breaking up! Watch for these potential areas!
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apex of the triangle and the break should come within the next few hours!
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watch for possible momentum shift !
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We had positive momentum on the MACD, that should have been an indicator for the movement that just occurred! We must wait to see follow through or if this is the potential bear flag ! The 0.5 Fib level was the resistance!
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This is what we’ve been waiting for !Note
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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.