The state of BTCUSDT right now is range bound between Bullish Engulfing Pattern (Jan 14) support and Bearish Engulfing Pattern (Jan 19) resistance. Below I show the following potential, most likely movements for BTCUSDT within the next 13 days & 12 hours.
Note
BTCUSDT && SCUSDT ANALYSIS:cdn.discordapp.com/attachments/341545603441885184/537255106836692992/01.png
^ 01
^ The state of BTCUSDT right now is range bound between Bullish Engulfing Pattern (Jan 14) support and Bearish Engulfing Pattern (Jan 19) resistance.
Below I show the following potential, most likely movements for BTCUSDT within the next 13 days & 12 hours.
Note
cdn.discordapp.com/attachments/341545603441885184/537255144916647937/02.png^ 02
^ Today the market forms a Doji as resistance, creating a range bound market between 3555 and Bullish Engulfing Pattern support.
Note
cdn.discordapp.com/attachments/341545603441885184/537255179775508508/03.png^ 03
^ A breakout occurs to the upside and we are in a range bound between 3715 and 3666.
Note
cdn.discordapp.com/attachments/341545603441885184/537255207537606676/04.png^ 04
^ The breakout is strong and we test 3900 Dark Cloud Cover (Dec 29) resistance. We are now range bound 3900-3700.
Note
cdn.discordapp.com/attachments/341545603441885184/537255236646207519/05.png^ 05
^ Breaking 3800 resistance should be very difficult as there is a great amount of supply at this level.
Note
cdn.discordapp.com/attachments/341545603441885184/537255269827215370/06.png^ 06
^ The -3% panic selling (12:00 UTC+1) was absorbed by demand at 3438 Bullish Engulfing Pattern support, creating the possibility for the bullish attempt of this period. We have now approximately 13 days & 12 hours for demand to overcome supply if there is to be a chance of breaking 3900 resistance in an attempt to overtake the significant $4,000 level. In this time period, a loss of 3450 is highly unlikely.
Note
cdn.discordapp.com/attachments/341545603441885184/537255298725969943/07.png^ 07
^ **SCUSDT (BITTREX)** I find interesting to trade because of its close price/indicator parity to BTCUSDT. There exist two likely scenarios: 1) There is a retrace here to the Piercing Pattern demand area around $0.00226399 area after which the potential of a breakout of the Sine Line enables an attempt at Fibonacci levels, with a most likely price target in the $0.00285 - $0.003 zone.
Note
cdn.discordapp.com/attachments/341545603441885184/537255331865034752/08.png^ 08
^ Pullback and price targets are above.
Fin.
Note
Sorry about the Discord images. I'm really new at publishing Ideas. :)
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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.