BTC Down Trend Confirmed?
Short trading has certainly paid for for the last 1.5 months and while many may have finally figured out that the market is having some form of rejecton and down turn it is also the exact time a bullish retrace occurs.
Just like every uptrend has pull backs btc, eth, and many alts have seen a very impulsive drop over the last week but have been down trending for the last month to month and a half.
Although in a macro downtrend we are currently targeting a sizable bull retrace.
This is a daily line chart on considering the trends of the close price on BTC. As we ETH we have a potential descending channel forming.
For long targets on this retrace we have our down trend line as our time based resistance point.
Actual price targets depend on how fast price rises before reaching the next down trend line for a potential rejection and short trade entry.
Looking at the local golden pocket from the current swing low to the last unbroken high we have the area of 27,720 - 28,130 just below our descending channel top.
Below this area we have an earlier resistance point and possible rejection area at 27,200. This is where we have the 200 daily EMA and is the midrange high time frame resistance.
Could pull back in the 27,200 area and make a W bottom and continue to the golden pocket or reject at this level and continue to the bottom of our descending channel in the 22,750 area
Just like every uptrend has pull backs btc, eth, and many alts have seen a very impulsive drop over the last week but have been down trending for the last month to month and a half.
Although in a macro downtrend we are currently targeting a sizable bull retrace.
This is a daily line chart on considering the trends of the close price on BTC. As we ETH we have a potential descending channel forming.
For long targets on this retrace we have our down trend line as our time based resistance point.
Actual price targets depend on how fast price rises before reaching the next down trend line for a potential rejection and short trade entry.
Looking at the local golden pocket from the current swing low to the last unbroken high we have the area of 27,720 - 28,130 just below our descending channel top.
Below this area we have an earlier resistance point and possible rejection area at 27,200. This is where we have the 200 daily EMA and is the midrange high time frame resistance.
Could pull back in the 27,200 area and make a W bottom and continue to the golden pocket or reject at this level and continue to the bottom of our descending channel in the 22,750 area
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