BTC (Y20.P5.E13).Short term. Scenario 2 and 3
Updated
Hi,
Yesterday, I gave this scenario of a upper ascending triangle, link below.
However as things are panning out, support found at a no. of levels, its become strong support. Hence I have these possible scenarios.
The other, M formation, heading for the neckline
Cheers,
S.SAri
PREVIOUS POST
Yesterday, I gave this scenario of a upper ascending triangle, link below.
However as things are panning out, support found at a no. of levels, its become strong support. Hence I have these possible scenarios.
The other, M formation, heading for the neckline
Cheers,
S.SAri
PREVIOUS POST
Trade active
I'm leaning towards the down side base on these 2 charts. Question is how low ?I'm it will go towards 17500 as the 16K range was tested.
Note the formations on the indicators. Macd is negative area. RSI is similar, below 50%. and the ABCDE corrective wave \ triangle has 3 touches to the bottom and its failing to pass the volume concentrated level. The daily RSI also shows downward pressure.
Note
I was looking forward to shorting this but it was not to be :(,I checked the indicators at the smaller time frames and I could see a bullish divergence and then the formation after that in the lower timeframes, made me change my mind of the drop.
Now its reset again, and we are back were we started.
A candle close above the level I have, 19430, will be bullish and hence will be a enter signal.
We are not there yet
Note
This 12 hrly RSI is going to tell us if we should jump in or not. Especially if price is over 19430. Note how Divergences play their partNote
Trade active
My thoughts: (ref btc.chart)Daily 10 ema is likely to give a bounce as its part of the supporting trend on the daily.
Since we lost the upper support, it will act as resistance and a good shorting area.
The target is the daily 20 ema which will give a strong response which has confluence with the CME gap and fib 0.5 retracement on this impulse wave.
I have shorted both ETH and BTC and cashed in 1/2 because of this likely bounce, to short some more.
Trade closed: target reached
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