I've switched to a 4h view to get a better understanding - Trendlines were drawn on the daily, so look a bit off, but they've served well so far.
- Bounced nicely off the lower trendline after breaking the lower BB
- Logic says we now go on to test the upper trendline (and middle BB)
- However, it will depend largely on what BTC does
- So far, there has been no volume on the follow-through which is perhaps worrying
Basically, I'm not sure. There is potential for it to dip again and really test that support.
I remain confident about my original mid-term prediction of a retest of previous highs.
I have a SL set just below 12500, allowing for a bearish wick.
If the marked support breaks, next support is around 11100-11200
- Bounced nicely off the lower trendline after breaking the lower BB
- Logic says we now go on to test the upper trendline (and middle BB)
- However, it will depend largely on what BTC does
- So far, there has been no volume on the follow-through which is perhaps worrying
Basically, I'm not sure. There is potential for it to dip again and really test that support.
I remain confident about my original mid-term prediction of a retest of previous highs.
I have a SL set just below 12500, allowing for a bearish wick.
If the marked support breaks, next support is around 11100-11200
Comment:
Pattern invalid, SL reached.
