Hi fellow enthusiasts,
We are in this big triangle now, so we can use the most likely scenarios to predict what will happen in the next couple of hours:
1) Most likely we will have another move down to see the lower border of the triangle, and then the big move up. I would think we move to the top of the old upper parallel at least, which is around 9800 at the moment.
This is also the recent last high. If we break above that the older resistance lines come into play and I think the next one is around 10500.
2) Also possible is the same as above, but without going down in the triangle first.
3) If we break the triangle to the downside (around 8900 at the moment) we will have to see whether it bounces on one of the support levels or it goes all the way down to the top of the ATH downtrend line (LOG) which is around 8050 at the moment.
Scenario 1) seems most likely, let's see if BTC agrees
Happy trading all!
CJ
(I am quite new to trading and see this publishing of ideas as a way to get positive criticism. Please let me know why you disagree, and please don't consider this as solid trading advice)
We are in this big triangle now, so we can use the most likely scenarios to predict what will happen in the next couple of hours:
1) Most likely we will have another move down to see the lower border of the triangle, and then the big move up. I would think we move to the top of the old upper parallel at least, which is around 9800 at the moment.
This is also the recent last high. If we break above that the older resistance lines come into play and I think the next one is around 10500.
2) Also possible is the same as above, but without going down in the triangle first.
3) If we break the triangle to the downside (around 8900 at the moment) we will have to see whether it bounces on one of the support levels or it goes all the way down to the top of the ATH downtrend line (LOG) which is around 8050 at the moment.
Scenario 1) seems most likely, let's see if BTC agrees
Happy trading all!
CJ
(I am quite new to trading and see this publishing of ideas as a way to get positive criticism. Please let me know why you disagree, and please don't consider this as solid trading advice)