Bitcoin XBT update, gaining bullish mometum
Updated
hey guys welcome for a short update of Bitcoin XBT
now here we are getting a 5 wave formation and most probably we're in 4th wave which is a flat formation maybe prices could retest support between 8150-8180 and than we could see an impulse wave 5 completing this whole cycle.
usually wave 5 goes 100% to 161.8% of wave 3 incase if we get an extended wave 5 than it could even travel upto 261.8% of wave 3.
so the first resistance we are getting is 100% of wave 3 which is 8640 and than fib127.2% will be next resistance.
however going fib161.8% has also high probablity which is sitting at 8950, here we could also get a retest of 200DMA resistance, as you see how prices precisely respecting 21DMA in black circles.
ive also mentioned some more important details in my previous analysis, check it below here....
although i usually don't trade patterns but this formation clearly looks like an bullish flag developing.
my custom indicator shows a potential breakout, and first level we get from the channel formation is 8600.
alright guys, that's all for now hope this idea will help you to make profits, dont forget to hit like and support us so we keep bringing awesome new trading ideas for you, follow us for more future updates, and do comment your opinion, we appreciate your response:)
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now here we are getting a 5 wave formation and most probably we're in 4th wave which is a flat formation maybe prices could retest support between 8150-8180 and than we could see an impulse wave 5 completing this whole cycle.
usually wave 5 goes 100% to 161.8% of wave 3 incase if we get an extended wave 5 than it could even travel upto 261.8% of wave 3.
so the first resistance we are getting is 100% of wave 3 which is 8640 and than fib127.2% will be next resistance.
however going fib161.8% has also high probablity which is sitting at 8950, here we could also get a retest of 200DMA resistance, as you see how prices precisely respecting 21DMA in black circles.
ive also mentioned some more important details in my previous analysis, check it below here....
although i usually don't trade patterns but this formation clearly looks like an bullish flag developing.
my custom indicator shows a potential breakout, and first level we get from the channel formation is 8600.
alright guys, that's all for now hope this idea will help you to make profits, dont forget to hit like and support us so we keep bringing awesome new trading ideas for you, follow us for more future updates, and do comment your opinion, we appreciate your response:)
and to join our premium contact me on telegram
refine your trading and turn your losses in huge profits...
This is Husain Zabir signing out
Ad DueDEX: The fastest crypto futures trading exchange, up to $110 free trading bonus plus $100 extra on first deposit of 0.2 btc
Join now :http://bit.ly/JoinDueDEXClub
Trade active
right now price movement is damn fuzzy as you see we've already tested that lower trend line almost 3 times and the 4th retest is looking for sure, my custom indicator is also loosing strength and moving towards the lower levels so most likely we could break the support due to selling pressure, keep an eye on 7850 level if we break it than new lows will get higher probabilities, so be prepared for both situations.
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