If $BTCUSD does not go below 7464, then #bitcoin may touch 11293
Welcome!
Fortune favours the bold. Live long and prosper, #Bitcoin.
I have a theory that I can not explain or can show an example. Basically, BTC hits trendline three times before breaking.
Above is a 1HR chart of XBTUSD (or you can use that as a guide for $BTCUSD). Notice the three green arrows. And then three red arrows. The three green arrows indicate how the drop was defended, and the price could not go any lower. However, the three red arrows indicate how the sellers tried to stop the price rise. And, on the third time, it had to fall since buyers could not break the trendline on the third time just like the seller could not earlier on the third time.
Do notice the X blue sign. There, the candle did not touch the trendline completely. Hence, we ended up with a violent pullback.
I believe the price has a chance of moving in between these two trendlines that are moving apart from each other. Fortunately, the lines are moving upwards. Hence, I expect the price to creep upwards but will stay within the trendlines. I really do not expect the price to go below 7464 USD.
I have also drawn two other trendlines in colour brown. Note the top brown trendline is almost straight but slightly pointing upwards. I expect that will be the line bulls need to break for the rapid price rise to start again. And, if sellers (bears) can successfully break the bottom brown trendline, I expect the bottom trendline to be visited three times as well.
Now, what will bitcoin do?
Will it stay within the internal trendlines and slowly break the top brown one and go up.
Or, will it cross the bottom brown trendline and try three times to break the bottom trendline.
If it tries that, I am not sure if the recent price rise will be sustained. We may go back to crypto winter. However, the likelihood of that happening is low, according to my thoughts.
I expect the price to move in between the middle two trendlines. The price will likely touch the bottom brown trendline at least one more time. It almost touched. But, it missed recently. Anyhow, once reached and rejected, I expect the price to try to touch the top brown trendline three-time and break it, and the price rise to start again.
The final target I am expecting is 11293 USD and that to happen before the end of the year. The stop loss is at 7464.
Fortune favours the bold. Live long and prosper, #Bitcoin.
I have a theory that I can not explain or can show an example. Basically, BTC hits trendline three times before breaking.
Above is a 1HR chart of XBTUSD (or you can use that as a guide for $BTCUSD). Notice the three green arrows. And then three red arrows. The three green arrows indicate how the drop was defended, and the price could not go any lower. However, the three red arrows indicate how the sellers tried to stop the price rise. And, on the third time, it had to fall since buyers could not break the trendline on the third time just like the seller could not earlier on the third time.
Do notice the X blue sign. There, the candle did not touch the trendline completely. Hence, we ended up with a violent pullback.
I believe the price has a chance of moving in between these two trendlines that are moving apart from each other. Fortunately, the lines are moving upwards. Hence, I expect the price to creep upwards but will stay within the trendlines. I really do not expect the price to go below 7464 USD.
I have also drawn two other trendlines in colour brown. Note the top brown trendline is almost straight but slightly pointing upwards. I expect that will be the line bulls need to break for the rapid price rise to start again. And, if sellers (bears) can successfully break the bottom brown trendline, I expect the bottom trendline to be visited three times as well.
Now, what will bitcoin do?
Will it stay within the internal trendlines and slowly break the top brown one and go up.
Or, will it cross the bottom brown trendline and try three times to break the bottom trendline.
If it tries that, I am not sure if the recent price rise will be sustained. We may go back to crypto winter. However, the likelihood of that happening is low, according to my thoughts.
I expect the price to move in between the middle two trendlines. The price will likely touch the bottom brown trendline at least one more time. It almost touched. But, it missed recently. Anyhow, once reached and rejected, I expect the price to try to touch the top brown trendline three-time and break it, and the price rise to start again.
The final target I am expecting is 11293 USD and that to happen before the end of the year. The stop loss is at 7464.
Comment:
Let's look at the "Leledc Exhaustion Bar" on #XBTUSD for 15 min or 1 hr. You will notice that it flashed major green lately. As can be seen from the graph, when it flashed such last few times, it would be good buy. Same goes when it flashes red sell for major. $BTCUSD #bitcoin. You can find the "Leledc Exhaustion Bar" on Trading View. I find 15 min or 1 hr to be a good gauge. Let's hoep for best
Trade closed: stop reached:
As I said, $BTCUSD went below 7464 USD. I lost 0.14BTC.
And, I am out of all trades. Right now I am at 6X from initial capital.
At one point, I was at 16X from initial capital. So you can see that I have lost quite a bit from the high. But I have not lost my initial capital. Actually, I have taken the initial capital out of the market into dollars. This market right now can slowly go anywhere between 3000-12000. Yes, that is a large gap. I am looking at 1W chart. And, I find that numbers. I really do not think it will go that low. But, right now it might go lower. On a daily chart, the parabolic sar has gone upside down. It means, stay away unless you like to short trade. I do not. Hence, I stay away.
Always remember to have a stop loss and honor stop loss and limit. That is it guys.
And, I am out of all trades. Right now I am at 6X from initial capital.
At one point, I was at 16X from initial capital. So you can see that I have lost quite a bit from the high. But I have not lost my initial capital. Actually, I have taken the initial capital out of the market into dollars. This market right now can slowly go anywhere between 3000-12000. Yes, that is a large gap. I am looking at 1W chart. And, I find that numbers. I really do not think it will go that low. But, right now it might go lower. On a daily chart, the parabolic sar has gone upside down. It means, stay away unless you like to short trade. I do not. Hence, I stay away.
Always remember to have a stop loss and honor stop loss and limit. That is it guys.