BTC (Y20.P5.E14).TA on Price Action
Updated
Hi All,
(ref. D.chart)
** This is a continuation of the previous post where the link is supplied below **
The more I look at the price action, the more I am getting convinced of the target here.
How it gets there in terms of formation, will come as time passes. For now, I'm sticking with the triangle theroy;
I have given reasons before and here I will do in point form:
a) All time high requires effort, consolidation to pass, just like the 10k, 12K and now the 20K;
b) The trend is so far based on the daily 10 EMA, and 20 EMA is likely to be tested again;
c) Fib level resonates with the 20 Daily EMA, the CME gap and the current possible structure;
The triangle flat top structure is a large bull flag and I'm still leaning towards this;
d) Bottom trend line correlates to being support to this structure as well;
e) The Elliot corrective wave triangle with ABCDE fits my thesis;
f) The daily bearish divergence supports the pullback theory;
Close up view
Broader picture
DAILY chart
The Previous post linking to this post:
Please give me a like or tick for this post;
Regards,
S.SAri
(ref. D.chart)
** This is a continuation of the previous post where the link is supplied below **
The more I look at the price action, the more I am getting convinced of the target here.
How it gets there in terms of formation, will come as time passes. For now, I'm sticking with the triangle theroy;
I have given reasons before and here I will do in point form:
a) All time high requires effort, consolidation to pass, just like the 10k, 12K and now the 20K;
b) The trend is so far based on the daily 10 EMA, and 20 EMA is likely to be tested again;
c) Fib level resonates with the 20 Daily EMA, the CME gap and the current possible structure;
The triangle flat top structure is a large bull flag and I'm still leaning towards this;
d) Bottom trend line correlates to being support to this structure as well;
e) The Elliot corrective wave triangle with ABCDE fits my thesis;
f) The daily bearish divergence supports the pullback theory;
Close up view
Broader picture
DAILY chart
The Previous post linking to this post:
Please give me a like or tick for this post;
Regards,
S.SAri
Note
short termNote
for the technically minded, the CPR helps confirm levels. key level to go in, 19400 if a candle closes above this price. (4 hrly or daily)
Discord: discord.com/invite/vb4hbP88vb (TradeToProspa)
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Related publications
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.