[Red Apple] BTC/USD briefing _ 18.09.18

BTC's failure on breakout of daily 20EMA is being led to drop down a lot. Let's start analysis BTC/USD.

If you are busy, you can just read below briefly
'A. Briefing '
'E. Summary and Strategy'

A. Briefing
. Fail to penetrate 20EMA on daily chart
. Supported by trend line in short-term

B. Weekly Chart

a. Trend
Fail to stay over descending trend lined
b. Candle
Fail to go up over Fib. 0.382 -> indicate that it may falls down -> drop
c. Pattern
ab=cd

C. Daily Chart

a. Trend
if short term trend line is broken, expect to be supported by blue circle(long term trend line)
b. Candle
Evening Candle
c. Pattern
Breakout upper side of triangle pattern -> formed ascending flag -> breakout lower side of flag -> fail to be supported by upper side of triangle
d. Sum.
The target for flag pattern and ab=cd on daily chart is between $5000~$5500. This is just for your reference. Many cases are showing failure of the targets.

D. 4H Chart

a. Trend
It should not be fallen down under $6170 to be recognized trend reversal based on Dow theory.
b. Pattern

Breakout of Descending Broadening Wedge -> Triangle -> breakout of the triangle -> ??

E. Summary and Strategy
many indicators are showing over-bought but it is possible to be more overly bought. if you are conservative traders, should wait but if you wan to trade quite aggressively, you can trade now. just keep your stop-loss or buy BTC separately at each trend line.
Trade safely.

This is the end of my idea.
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THanks.

Comment:

In short period, there is rise the price a little up after breakout of wedge pattern. it seems that penetration of $6300 is quite importance.

On daily chart, BTC candle is being kept supported at trend line. if it goes up, it needs to stay over Fib.0.382($6332.9) for more rise.

BTC should break 2 prices that i mentioned above. If not, there will be additional drop.