BTCUSD 3 scenarios
Trying to take into account all the funky movements in BTC's recent price action. Took into account various wicks, opens/closes, etc.
*NOTE: green line is major resistance based on previous BTC price action.
The scenarios:
BULLISH (BLUE)
If falling wedge holds, we can see this go down towards the .382 fib range following a bounce back up to the green resistance line
NEUTRAL (RED)
If descending wedge holds, there will be a large move in either direction
BEARISH (ORANGE)
If rising wedge holds, it will continue to lose strength as the price increases, eventually breaking down
If none of these hold and price action is trending downwards, watch for the .5 .618 & .786 fib levels, and have buy orders set over there
*NOTE: green line is major resistance based on previous BTC price action.
The scenarios:
BULLISH (BLUE)
If falling wedge holds, we can see this go down towards the .382 fib range following a bounce back up to the green resistance line
NEUTRAL (RED)
If descending wedge holds, there will be a large move in either direction
BEARISH (ORANGE)
If rising wedge holds, it will continue to lose strength as the price increases, eventually breaking down
If none of these hold and price action is trending downwards, watch for the .5 .618 & .786 fib levels, and have buy orders set over there
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