BTCUSD - Where we are going next ?! - By AMFEIX
Updated
Please check the previous article i did before continuing with this one !
The upside target, and the downside target I mentioned on the last idea, have been met PRECISELY, we had 2 perfectly Take-Profit zones HIT and the price reversed, retested the trend-line and for now it just seems we are going to continue to go lower, however knowing that we are in a highly volatile market, there are some things that we need to have into consideration.
As I mentioned on the previous idea, $5100 zone ( highlighted with BLUE ) is crucial to predict where the price is going to go next, a daily closure ABOVE that zone would allow us to claim higher, however if we fail to close above, we will be going lower.
As you can see in the chart there are not much support areas below the current price, meaning ... we can spike to our last level of support ($4850) and if it breaks trough, it can melt to my next targets $4750( RED RECTANGLE ) as TP 1, and if we continue going lower my next target would be $4500 ( grey rectangle ).
SUMMARY :
Keep an eye on BLUE rectangle, daily closure above -> Bullish // daily closure Below --> Bearish
This is an analysis of where i think we are going next, not a trading signal.
I highly recommend to stay away, do not trade under this circumstances, and wait for further confirmations.
The upside target, and the downside target I mentioned on the last idea, have been met PRECISELY, we had 2 perfectly Take-Profit zones HIT and the price reversed, retested the trend-line and for now it just seems we are going to continue to go lower, however knowing that we are in a highly volatile market, there are some things that we need to have into consideration.
As I mentioned on the previous idea, $5100 zone ( highlighted with BLUE ) is crucial to predict where the price is going to go next, a daily closure ABOVE that zone would allow us to claim higher, however if we fail to close above, we will be going lower.
As you can see in the chart there are not much support areas below the current price, meaning ... we can spike to our last level of support ($4850) and if it breaks trough, it can melt to my next targets $4750( RED RECTANGLE ) as TP 1, and if we continue going lower my next target would be $4500 ( grey rectangle ).
SUMMARY :
Keep an eye on BLUE rectangle, daily closure above -> Bullish // daily closure Below --> Bearish
This is an analysis of where i think we are going next, not a trading signal.
I highly recommend to stay away, do not trade under this circumstances, and wait for further confirmations.
Trade active
We broke above the highlighted area, 5800-6000 region should be met in the coming days.
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