Bear Pennant is forming on BTC 1 hour chart, Possible scenarios
Hi Guys,
If you see the one hour chart there is possible a bear pennant forming which will lead us to 7320-7340(Golden pocket) area which should hold and we can probably see a bounce back from that point. if that support couldn't hold we can see 7000 level again. I have tried to count the Elliot waves from the point of last crash at around 7050 but they are also very difficult to count right now with this poor volume.
Another important thing I want to share is that volume is the soul of the chart and there is nothing without it if we want the BTC -1.04% to go up it will definitely require the volume. Without volume, it's like building a house without the foundation.
Let's hope that big whales will come as a savior for the BTC.
Not a financial advice, and will always be happy to discuss your ideas.
If you see the one hour chart there is possible a bear pennant forming which will lead us to 7320-7340(Golden pocket) area which should hold and we can probably see a bounce back from that point. if that support couldn't hold we can see 7000 level again. I have tried to count the Elliot waves from the point of last crash at around 7050 but they are also very difficult to count right now with this poor volume.
Another important thing I want to share is that volume is the soul of the chart and there is nothing without it if we want the BTC -1.04% to go up it will definitely require the volume. Without volume, it's like building a house without the foundation.
Let's hope that big whales will come as a savior for the BTC.
Not a financial advice, and will always be happy to discuss your ideas.
Comment:
That was a quite good bounce for which we all were hoping. If you have noticed one thing is that volume is also quite impressive. I personally think that 8000 USD won't be a difficult task with this volume.