"BTC is not out of the woods yet!!" What a ducking cliche to say!!!
While there are many analysts forecasting moves up to 12k or 14k and beyond already(though very plausible), it will definitely not happen from the current levels i.e. 10.8k. Two important trendlines on the way up haven't been touched yet and BTC never leaves a trendline untouched!
10.9k area is very cruicial, a break and close above on the daily will signal move towards 12k.
Close below 10.9k area leaves us with the Treacherous Slippery Slopes scenario. Right now BTC is hanging by a thin thread above the two trendlines extending from above as shown with the dotted red lines(resistance). Though it seems BTC is above it, it doesn't mean the resistance is overcome yet.
At this point we are presented with five probabilities:
Oh, last but not the least, 7.4k is a very important level which should not be breached. If BTC seems to be targetting that, I shall publish another idea with more details.
May you reap all the profits you can! Break a leg!
While there are many analysts forecasting moves up to 12k or 14k and beyond already(though very plausible), it will definitely not happen from the current levels i.e. 10.8k. Two important trendlines on the way up haven't been touched yet and BTC never leaves a trendline untouched!
10.9k area is very cruicial, a break and close above on the daily will signal move towards 12k.
Close below 10.9k area leaves us with the Treacherous Slippery Slopes scenario. Right now BTC is hanging by a thin thread above the two trendlines extending from above as shown with the dotted red lines(resistance). Though it seems BTC is above it, it doesn't mean the resistance is overcome yet.
At this point we are presented with five probabilities:
- BTC could close above 10.9k and move to test 11.5k which is the first resistance above (not so slippery scenario)
- BTC could wick upwards to 11.5k before close but still close below 10.9k (very slippery - fakeout scenario)
- BTC could choose to bounce between the dotted red lines until a slow touchdown on the green trendlines (not the good kind of slippery scenario)
- BTC could close below 10.9k, wick down to the green trendlines(support) and quickly move upwards to 11.5k (my favourite kind of slippery scenario, slip in without getting noticed)
Oh, last but not the least, 7.4k is a very important level which should not be breached. If BTC seems to be targetting that, I shall publish another idea with more details.
May you reap all the profits you can! Break a leg!
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Ladies and gentlemen, if you can read, leave a like. Not asking anything more! Peace!
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What I meant by "hanging by a thin thread"
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Be careless and leave a lot of likes behind!
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And this, ladies and gentlemen, is what you call a shakeout! BTC seems to have chosen the very slippery slope.
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WARNING!!! A close below 9980 today can prove very fatal for BTC! There will be no point in buying as all buys will be invalidated! If this happens, BTC can go to the higher 7k region next week and there might be absolutely no bounce back to current levels.
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All trendlines holding great and the slopes are still slippery, failure to close above 10600 will lead back to 9.6k and probably the first breach into 8k levels
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I hope my sharing of ideas helps each of you in someone way! A huge thanks to all the followers, people who hit the like button, people who appreciate and constructively criticize in the comments, people who share a nice conversation on the chat and including the one who anonymously visit. Without you're support, I wouldn't be able to do this! Thank you!
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Since the lines held beautifully, I expanded on the idea here,
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Updates:
