Hi all, thanks for visiting my trading cribs and spare little times reading it. Have you ever felt when you think you know someone pretty well but then they do something that you wouldn't expected before ? Well friends, that's what life sometimes throws at us. Expect the unexpected, like many says. Bitcoin is also include among of those and that's one reason why trader has to be vigilant and decisive all the time on handling this.
Looking at 4H BTC/USDT, right now is the moment where you need to be cautious wth bitcoin. As now, the candle had piercing the support of symetrical triangle (blue line). And may about to form inverted H&S on one condition, the the candle would rebound when it near or touches 61,8% retracement (8.210 USD). If this level cannot support it then bitcoin will be heading to support of bigger symetrical triangle (green line) around 7,4 k USD. If this level unable to stop the fallen, then bitcoin will be predict to test the support of major symetrical triangle (yellow line) around 7k USD. If in any level the price bounce then the resistent line will become it's biggest obstacle.
So you could see that currently bitcoin has 3 layer of symetrical triangle. Didn't see that comin do ya ? Well like I said before, life is never flat especially if it's about trading. Volatility is a sign for newbie trader to stay hungry and learn, volatility is a sign for experienced trader to stay humble and re-learn. Once you've become ignorant or arrogant, market will eat you hard one day.
Looking at 4H BTC/USDT, right now is the moment where you need to be cautious wth bitcoin. As now, the candle had piercing the support of symetrical triangle (blue line). And may about to form inverted H&S on one condition, the the candle would rebound when it near or touches 61,8% retracement (8.210 USD). If this level cannot support it then bitcoin will be heading to support of bigger symetrical triangle (green line) around 7,4 k USD. If this level unable to stop the fallen, then bitcoin will be predict to test the support of major symetrical triangle (yellow line) around 7k USD. If in any level the price bounce then the resistent line will become it's biggest obstacle.
So you could see that currently bitcoin has 3 layer of symetrical triangle. Didn't see that comin do ya ? Well like I said before, life is never flat especially if it's about trading. Volatility is a sign for newbie trader to stay hungry and learn, volatility is a sign for experienced trader to stay humble and re-learn. Once you've become ignorant or arrogant, market will eat you hard one day.
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The 61,8% retracement had confirmed breached. Next stop will be at support line of the green triangle
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I'm will give y'all a valuable update. Bitcoin is gonna dip further below! See from the chart that the candle is currently about to form a repetition from the double top pattern previously. It's quite precise the replication as when the bigger double top pattern support line confirmation (in red dotted & bubble text breakdown) where broken, the prices were reversal a while and then BOOM, bitcoin landslide happen. Now the candle is doing the same thing, after the confirmation support line got broken, it doing a dead cat bounce again and what next? History repeat, bitcoin will most likely having another landslide with the target price are at green arrow shown.
I'm will give y'all a valuable update. Bitcoin is gonna dip further below! See from the chart that the candle is currently about to form a repetition from the double top pattern previously. It's quite precise the replication as when the bigger double top pattern support line confirmation (in red dotted & bubble text breakdown) where broken, the prices were reversal a while and then BOOM, bitcoin landslide happen. Now the candle is doing the same thing, after the confirmation support line got broken, it doing a dead cat bounce again and what next? History repeat, bitcoin will most likely having another landslide with the target price are at green arrow shown.
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Here's a better picture to describe
Here's a better picture to describe
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