We have seen a rising wedge which resulted into a price drop, but it might not stop there. When coming from a higher price point, an ascending triangle typically indicates a price drop. Given the fact that it looks like it broke out of the support already, we should be watching new support levels. I have highlighted the new strong support together with 3 points why I think this one is that strong.
Target for this trade: $9200,-
Target for this trade: $9200,-
Comment:
Yellow line from previous comment looks like it is giving some support. Note the hammer candle which indicates price reversal.
Yellow line from previous comment looks like it is giving some support. Note the hammer candle which indicates price reversal.
Comment:
The yellow support line seems to be holding up pretty good. But we might stil reach the target. When you go to the 30min time frame you can see that btc has formed an ascending triangle, which indicates a price drop. On short term I think this means that price will go up to $10k and then drop to our target.
However, this triangle could also breakout at the top, so we have to be carefull.
The yellow support line seems to be holding up pretty good. But we might stil reach the target. When you go to the 30min time frame you can see that btc has formed an ascending triangle, which indicates a price drop. On short term I think this means that price will go up to $10k and then drop to our target.
However, this triangle could also breakout at the top, so we have to be carefull.
I have drawn a new support line which is from an old trend and it has been proven to be strong. That said, I think for the sake of shorting this trade it is best that we continue to go down to $9200. This would create a double bottom which gives a nice base for bitcoin to grow again.