BTCUSD Did we found a "Moon channel"?
Updated
Hi guys.
I was watching the charts and noticed that we have found a channel in which we are trading in the last 29 days, as the channel shows.
By placing the FIb. rectractments from the bottom when the price has entered the channel, I have noticed that we have touched 13750, and retracted right below that level building support and consolidating between 13500-13000 levels. We should expect the next test of the ressistance soon, and wait for the next move of the SXP, since we are still corelated with the stock market, especially at the open.
If we brake the ressistance we are going towards 14200, and if we don't exaust the rally yet, we may see the channel being respected towards 16000-17000 by election day, and by Halloween, we should be either testing the top line of the channel, since we are now consolidating back in the triangle we previously broke above.
Bearish scenario: testing 13000 after not being able to hold support at 13200, and if we don't hold that level, we will be seing a bounce back of 12500-12700 levels and then consolidate for some time.
RSI and MACD resseting.
One interesting fact is that the famous "Blue Moon" is due 31. October. I know this is an unusual factor for trading strategies, but consider that the previous full moon was just 24 days ago. Yes, 1th of October, when we have started moving along the channel lines bouncing from 10300.
Moon time?
Disclaimer: Not financial advice.
Tell me what you think.
I was watching the charts and noticed that we have found a channel in which we are trading in the last 29 days, as the channel shows.
By placing the FIb. rectractments from the bottom when the price has entered the channel, I have noticed that we have touched 13750, and retracted right below that level building support and consolidating between 13500-13000 levels. We should expect the next test of the ressistance soon, and wait for the next move of the SXP, since we are still corelated with the stock market, especially at the open.
If we brake the ressistance we are going towards 14200, and if we don't exaust the rally yet, we may see the channel being respected towards 16000-17000 by election day, and by Halloween, we should be either testing the top line of the channel, since we are now consolidating back in the triangle we previously broke above.
Bearish scenario: testing 13000 after not being able to hold support at 13200, and if we don't hold that level, we will be seing a bounce back of 12500-12700 levels and then consolidate for some time.
RSI and MACD resseting.
One interesting fact is that the famous "Blue Moon" is due 31. October. I know this is an unusual factor for trading strategies, but consider that the previous full moon was just 24 days ago. Yes, 1th of October, when we have started moving along the channel lines bouncing from 10300.
Moon time?
Disclaimer: Not financial advice.
Tell me what you think.
Trade active
I entered the trade from 13600 just before the breakout started taking place.Lets see are we going to hold and move above and beyond 14200, since we have already hit 14149.
So far everything playing out as predicted.
Note
It seems like this channel really is taking us slowly up.If we get back into the channel we are heading to the next Fib level at 15100 as predicted.
If we fail, we built a strong support at the previous Fib level(13400-13600) which will hold for some time, but the longer we are trying to get back above, the further we are from the channel and bears are going to take their chance to put us lower on the chart. Lets see.
Disclaimer
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