Happy Mother's Day From Mama Bear: BTC Downside Targets!
Updated
4 hour chart, linear.
Welcome to your Happy Mothers Day chart update from your favorite Mama Chartist ;)
I'll scarcely be available to update today as I'm also working another job. No sleep for the wicked.....
So as we can see, this reactive yellow line I've had on my BTC and ETH charts for the last few weeks is at it again, this time as resistance.
Notice the two other important lines converging down to 8050. Whether we can make it back into that wedge and bounce from that point, or we drop early and bounce from that level (as we did last time I published about a similar looking convergence pattern a couple months ago...) I think we will get a hearty rally from there. If/when that occurs, I will update this idea with upside targets.
We could also easily double bottom at 8150 first if buyers come in. If not either one of these scenarios, zoom out on chart for next support levels to the downside.
Measure twice, cut once.
May all of life's treasures be yours.
Like, comment, follow, share!
Welcome to your Happy Mothers Day chart update from your favorite Mama Chartist ;)
I'll scarcely be available to update today as I'm also working another job. No sleep for the wicked.....
So as we can see, this reactive yellow line I've had on my BTC and ETH charts for the last few weeks is at it again, this time as resistance.
Notice the two other important lines converging down to 8050. Whether we can make it back into that wedge and bounce from that point, or we drop early and bounce from that level (as we did last time I published about a similar looking convergence pattern a couple months ago...) I think we will get a hearty rally from there. If/when that occurs, I will update this idea with upside targets.
We could also easily double bottom at 8150 first if buyers come in. If not either one of these scenarios, zoom out on chart for next support levels to the downside.
Measure twice, cut once.
May all of life's treasures be yours.
Like, comment, follow, share!
Note
Bounced right off my line. Good for at least a scalp, or to exit your short and scalp a better entry on a new short. Let's see which way we go after this consolidation. Clear upside and downside levels to watch now, per the chart.Note
Making our way down the wedge now, rejection 20 points shy of upper resistance line as drawn. Again watching yellow line for support.Note
I don't have much to add, we are following this call nicely. We have confirmed the top and bottom of my projected 'blue wedge' as resistance and support now, as expected. We have also been meeting resistance again at the yellow line over the last 12 hours, just as we had been upon publishing. Price needs to clear that line for any likelihood of seeing the top of the wedge again at these prices. Consolidation just under resistance here smells like accumulation to me, but the market has been ripe with fakeouts and plenty of my classic "House Of Pain" (HOP) patterns, so stay safe if trying to long or short here. Keep your eyes on the lines.Note
We are currently in my target box, as expected, with the top of the box acting as strong resistance and the blue line acting as support. We will continue to bounce around in this box for a while longer, touching a couple more lines before moving up again.Note
Moving along, the last update came to fruition as we touched down to the yellow ascending line in the center of the lower target box (zoom out for clearer view) and we are now waiting to see how price action handles the resistance at the top of the target box. Bullish above 7650.Note
....meaning a 4hr close over 7650.Note
Three scenarios; levels to watch.1) Volume will come in and we will rally from here,
2) Double top at 7.7 and we need to sweep back down for support at either the rising light blue line at 7450, the rising yellow line at 7200, or-for the best bargain prices, the rising black line at 7050, painting a nice double bottom. Ladder in to that one. If a lot of people are seeing what I'm seeing and laddering in to there, we probably won't actually make it that low before all the sell orders get gobbled up.
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.