Dear Traders,
Right now we're sitting in the middle of the parallel channel.
We can predict alot of situations based on this chart.
On the short-term bearish scenario, Bitcoin can retrace at support of our parallel channel, we can expect upward at 10,555.
On the mid-term bearish scenario, bitcoin could break our parallel channel, possibly retracing back to our descending triangle, this is a major support. From there we can expect bitcoin to go back upward.
On the long-term bearish scenario, bitcoin could break our descending triangle, which indicates a very bearish sign, with possible correction to our 6000-6500 level.
On the bullish side, bitcoin could breakout from our descending triangle and possibly create higher highs, which is a very bullish sign.
Like the title says, patience is key! we have to follow the market very close.
If you like my Trading Analysis, please leave a like and follow me!
Right now we're sitting in the middle of the parallel channel.
We can predict alot of situations based on this chart.
On the short-term bearish scenario, Bitcoin can retrace at support of our parallel channel, we can expect upward at 10,555.
On the mid-term bearish scenario, bitcoin could break our parallel channel, possibly retracing back to our descending triangle, this is a major support. From there we can expect bitcoin to go back upward.
On the long-term bearish scenario, bitcoin could break our descending triangle, which indicates a very bearish sign, with possible correction to our 6000-6500 level.
On the bullish side, bitcoin could breakout from our descending triangle and possibly create higher highs, which is a very bullish sign.
Like the title says, patience is key! we have to follow the market very close.
If you like my Trading Analysis, please leave a like and follow me!
Comment:
The retrace we are experiencing now was very much expected, as bitcoin is following this parallel channel on our chart. Be prepared for active trade guys!
Trade active:
The chart is following our pattern, trade is active guys. Goodluck!
Comment:
Note: stop loss is right under our channel.
Comment:
Right now, bitcoin is just above our channel support, very crucial moment for bitcoin. this will decide wether bitcoin will reverse from here or continue to consolidate. Stay tuned folks.
Trade closed: stop reached
Trade active:
Short guys!
Trade closed: target reached:
We completed a nice short to support zone our in just a short time!
Comment:
Right now, i'm waiting for a re-enter at 9,200-9,400 level. If you liked my chart please like and show me support :)
It would really help and motivate me to continue my work!