Critical Time for Bitcoin!!
Updated
Critical Time for Bitcoin!!
What we have in this analysis is a very simple setup:
First we have a linear statistical regression drawn from the top of the previous high all the way to current price. After using this tool, I was able to change the colors to my liking and have a nice look channel.
Second, there is a Fibonacci retracement from the previous tops to local bottoms. Interesting, we can see that the previous drop for bitcoin happened at the .618 level after volume couldn't seem to break the downtrend.
Third, I have placed the aqua trading region where volatile price action will occur to build support or resistance.
This is a very interesting time to watch for bitcoin, as the next move WILL REQUIRE LARGE VOLUME in order to get to the next levels.
I will be trying to find a long position upon a RETEST of the BREAKOUT of BTC.
At this point, i am unsure with current momentum of time of the post, if we will be able to break these levels, however, things can change and volume will come FAST.
Happy trading!
What we have in this analysis is a very simple setup:
First we have a linear statistical regression drawn from the top of the previous high all the way to current price. After using this tool, I was able to change the colors to my liking and have a nice look channel.
Second, there is a Fibonacci retracement from the previous tops to local bottoms. Interesting, we can see that the previous drop for bitcoin happened at the .618 level after volume couldn't seem to break the downtrend.
Third, I have placed the aqua trading region where volatile price action will occur to build support or resistance.
This is a very interesting time to watch for bitcoin, as the next move WILL REQUIRE LARGE VOLUME in order to get to the next levels.
I will be trying to find a long position upon a RETEST of the BREAKOUT of BTC.
At this point, i am unsure with current momentum of time of the post, if we will be able to break these levels, however, things can change and volume will come FAST.
Happy trading!
Note
Technical analysis was a success, short .618 fib
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