BTC set to Fake out & Break down! Once again!
Updated
The Picture above paints the most bullish outcome of the inevitable Fake out + Break down to come! get ready, this is happening! 100% chance.
watch the 60 MA on the hourly ( or 15MA on the 4 hours) a clear break above it will signal the breakout. wait for price action to appear to use this MA as support for full confirmation.
I believe this fake out will have a lot of power behind it and will manage to break out of the big triangle.
once this move is complete, there will be a lot of new information to analyze and we'll take it from there.
watch the 60 MA on the hourly ( or 15MA on the 4 hours) a clear break above it will signal the breakout. wait for price action to appear to use this MA as support for full confirmation.
I believe this fake out will have a lot of power behind it and will manage to break out of the big triangle.
once this move is complete, there will be a lot of new information to analyze and we'll take it from there.
Note
we just had a FAKE mini fakeout+breakdown.expecting much lager fake out + break down which will take days to complete fully.
Note
Shortly after rejection, BTC is at it again just now crossing above the 60 hourly MA.I am now more confident than ever in my prediction.
Note
we are topped out higher then I thought we would, this could be bullish, maybe not a fake-out after all?!?for now, I would simply move the support line up to 3666.
I've started selling and will look to take profit around 3666.
but if we start painting another bull flag... this could EASILY pop to like 4200 before any kind of pullback can accrue.
Note
I think we can all agree this was was "sort of right"...
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.