BITCOIN - WHAT'S NEXT? HELL OR HEAVEN?
After double top formation BTC broke support at $7600-7700 level and stopped around $7000.
Based on the conclusions of the previous idea, we continue to draw H&S, which implies a correction to $7500-$7600 level for the retest of resistance.
On the other hand, let me remind you about the gap that we've closed with a wick. However, the gap is considered closed only if the 1H candle closes within its limits below 50% of the gap. Which means the trend price should drop to $6600 by the body of the candle.
If the price dumps to $6600 and holds there, the price starts trading below the support. This can lead to a trend change, which is confirmed by the completed H&S.
Still there is an option when we don't see a correction, but savagely dump till $6600, which, in fact, is a bullish sign. Why? Because the price forms a classical correction without a chance to open short, so the crowd starts to buy and return bullish trend.
However, it argues with the fact that we are consolidating below support, which can be explained by a false breakdown.
Priority now is bearish with the sell zone till $7600, the main argument - closing of the wick by the body of a candle. After that, we may argue about further price movements, depending on $6600 testing.
BUT if during the correcting the price rises and fixes above $7500-7600, the priority becomes bullish.
If you like this idea, do not forget to put Like and subscribe to the profile, so as not to miss the update.
Based on the conclusions of the previous idea, we continue to draw H&S, which implies a correction to $7500-$7600 level for the retest of resistance.
On the other hand, let me remind you about the gap that we've closed with a wick. However, the gap is considered closed only if the 1H candle closes within its limits below 50% of the gap. Which means the trend price should drop to $6600 by the body of the candle.
If the price dumps to $6600 and holds there, the price starts trading below the support. This can lead to a trend change, which is confirmed by the completed H&S.
Still there is an option when we don't see a correction, but savagely dump till $6600, which, in fact, is a bullish sign. Why? Because the price forms a classical correction without a chance to open short, so the crowd starts to buy and return bullish trend.
However, it argues with the fact that we are consolidating below support, which can be explained by a false breakdown.
Priority now is bearish with the sell zone till $7600, the main argument - closing of the wick by the body of a candle. After that, we may argue about further price movements, depending on $6600 testing.
BUT if during the correcting the price rises and fixes above $7500-7600, the priority becomes bullish.
If you like this idea, do not forget to put Like and subscribe to the profile, so as not to miss the update.
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klondikepro.com/
Public Telegram Channel:
t.me/CryptoKlondike
Join Bybit with us:
goo-gl.su/ibF9Y
Twitter:
twitter.com/Robert_Klondike
Email:
ekstraruto@gmail.com
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