Long

Updated

BTCGBP Update

Published new chart as last one was titled short, but was posting the updates on that.
We need to follow the patterns carefully, but we eventually got some upside from target area. Blue arrows possible scenario, one more thrust unto the purple and 786/88 fib levels and then back down, before finding support.
break below the green support line, look for downside

Note

don't think this move is complete, green support acting as resistance, expecting one more pull back

Note

Note

risky area between 6500-6800

Note

1st pattern to finish 6500-6800 area, reassess for another pattern after this

Note

this is what looks like is happening,

Note

alternative scenario is this, so right now its a good place to look for shorting with a close stop, good RR

Note

didn't go exactly as planned but hit target of 6500-6800. until it breaks recent low still upside approx 7200. if break low on this move reassess. possible buying interest at 5800

Note

expecting breakout to 6800 1st target

Note

expecting another breakout...

Note

again nice breakout - still expecting further upside, as my sequence count showing this as wave 3 of this move, (which many not be over) so we still have wave 5 to come

Note

was expecting correction of this move up a little longer and buying interest around the 7k area - one broken out don't see any real resistance until the 10k area (maybe a pause around the 8850)

Note

there may not be another move down, breakout of the green channel target top of last high and then look for a simple pause and then pushing higher to redline and then towards the 10k mark

Note

Looks to be on the slide now to 6800 area (needs to hold for more upside to 10k)

Note

So we are at the 6800 area, this is where i expected this move to complete and now next leg up - there is a chance to breakdown a little more to 6500, but am expecting upwards to 10k area. For safe entry watch for upside and continuation pattern

Note

Need to close strongly above the 7700 area (blue line) to nullify the bearish sentiment

Note

So we didn't close above this area 7700 (blue line) - Still bullish to 10k area, however to preserve profits move to break evens at 6800 - Whats looking likely now is the close above this will be the breakout so possible further buy-in area below.

Note

Looking like a pull back possibly to this area before going back up, revised possible target to 11k

Note

So price has rapidly moved down testing the recent lows of 6700. If price breaks below then will have to reassess move. It could be still an ABC correction and upside now back towards top of 8500 and then target of 11k. But would need this downside momentum to halt for this. Very bearish scenario this whole up move is a bearish flag.

Note

The pattern I am seeing, I'm pretty confident we won't post any lows below the 6th feb low of 4189 before hitting the 10k

Note

wait for confirmation but expecting to go up very very soon

Note

weekly closed on a positive - As per my previous post, not expecting price to take out the 6th Feb low before hitting 10k. 1st target for this move is around the 7400 level and then we'll see. there is a small chance of one more push down to the 5200 area, but we will see when we hit the 7400 level

Note

Watch fir a bullish candle for buying again

fiab

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.

fiab