AUDCHF FORECASTSELL SCENARIO
Market is moving in a downward direction along with the trend line and price already breaked the support and that support become a resistance and here are chances that market may move in a downward direction following the trendline. if the price moves downward and break the lower support then we can expect a free fall.
Freefalling
BIG PICTURE! BTC update for you!Hello again everyone.
Here's an update on the macro movement.
If you are curious how the micro movements have been playing out, please check out my previous predictions and analysis.
It looks to me as if we are trading inside a falling wedge range.
What's interesting is that the apex point of the falling wedge meets around the dashed pink line (which is the trend line connecting the bottoms of the 2017 bull run), in addition to the 78.6% retracement level.
I can see 3 big macro scenarios.
1. We bounce at the current low and make a bullish explosion above the wedge
2. We hit resistance at the upper wedge trendline, fall back to the bottom line of the wedge and then make a bullish explosion above the wedge
3. We hit resistance at the upper wedge trendline, fall back below the bottom of the wedge, and take a nose dive into a dark place
Overall, I still see a bearish market with an opportunity to swing up and down in the range until one of these 3 scenarios above plays out.
Remember to always zoom out to look at the macro movements to make your micro plays!