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As we all know, BItcoin Price action is stalled indicating
BTCUSD about make a move in a day or two, Here are potential scenarios for bearish and bullish case.
1. Bullish Case: Adam and Even Formation with Breakout Level: $7920
LONGs or SHORT covering will happen above $7900 in Adam and Eve Confirmation Breakout.
2. Bearish Case: Shakeout Phase Downside Continuation
We are aligned with Bearish Scenario as long as price action remains below $7850 level. If BTC go below $7300 on Monday,then there would be strong proability for the shakeout with subsequent break of $7100 area. Target would be below $6000
Disclaimer: NFA, do your own due diligence.
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As we all know, BItcoin Price action is stalled indicating
BTCUSD about make a move in a day or two, Here are potential scenarios for bearish and bullish case.1. Bullish Case: Adam and Even Formation with Breakout Level: $7920
LONGs or SHORT covering will happen above $7900 in Adam and Eve Confirmation Breakout.
2. Bearish Case: Shakeout Phase Downside Continuation
We are aligned with Bearish Scenario as long as price action remains below $7850 level. If BTC go below $7300 on Monday,then there would be strong proability for the shakeout with subsequent break of $7100 area. Target would be below $6000
Disclaimer: NFA, do your own due diligence.
UpVote if you find it helpful, Share to spread the words, Follow Me for more updates and cryptocurrency technical analysis.
Don't forget to share your own views in comment section for healthy TA discussion.
Note
BTC Trendline Broken, Drift Below hourly 50MA => Indicating Bears are likely to take control in near term.Note
BTC slow drift towards secondary test area, would not suggest new SHORTs, can move stop to breakeven.Let the trade develop and progress accordingly.Note
TP-1 Done, Undercuts previous low.TP-2 $5860, Retest of previous Breakout lvl of Broadening Wedge
Trade closed manually
Remaining half of position closed at breakeven, underperformance of target leads to reversals. Strong buying action by bulls plus short covering.
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.
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.