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I have marked in some of my 'working' to show you why I placed the modified Schiff the way I have (green lines show the placement). This highlights the possibility that we have already broken out of resistance and could head to the next area of resistance.
The long term descending triangle (bearish formation) and a medium term symmetrical triangle (neutral formation) both come to a conclusion rather soon. The shorter term triangle should conclude within the next few days and that break up/down should also finish the longer term triangle.
Outlook is neutral/bearish. This doesn't mean that the price can't break ...
Typically we move upwards from a falling wedge. I see us, potentially, hitting around 6380 - 6370 with a move up towards the wedge resistance with a possible break out upwards. Confirmation of break out will be 6480 with a target of around 6680 - 6720. There is also a falling wedge on RSI giving some confluence that we may break up. Will be interesting to see how ...
Bearish flag broken after the massive drop from last week's fundamental news and shorts taken on biftinex. BTC heading below the 6k level looking to test support levels of 59 58. Hence Short position opened with profit targets for those levels.
I believe we are in corrective mode on the bigger picture. Lets see if it plays out.
On the chart I have ABC with different colors relating to different degrees.
I will be long only if we go below 6221 and my stop loss will be 5800 below the low of A. My target will be in the range of 6800-7100
21-25 days left until probability of the traingle breaking increases
we love leverage . hot tip go careful we closing positions try to pre plan or use CLOSE button on bitMEX instead of MARKET button as you'll get your ass done
If you zoom out you'll see why. Focus on the trend lines
bearish diamond nearing completion on the 15 min.
bearish diamond possibly forming on 15 m chart, if it confirms breakout to downside the target is same distance from top of diamond to bottom of diamond (as a measurement)
forcast of price using 10 days and 48 hours
btc support and resistance for 10k push