BTCUSD update: There is saying when you trade enough of time you start seeing patterns. This is true as I can say for myself. This morning I saw similarities what has happened in the past with the price of BITCOIN.
When you look at my chart you see numbers. They are presenting that how many times the price has hit the top of channel before falling. The price has reached twice the top of channel (numbers 1,2) and dipped in the price value until bounced back up making ATH (numbers 3). It's way too similar what has happened lately with the price of bitcoin too! So this is giving strong indicators that the price will eventually retrace. Green boxes are showing where the price has ended up to and bounced from that area. Last time the price dipped and the strong bounce off (this can be found in between of 2 and 3 numbers) did happen in between of 0.382 and 0.5 FIBONACCI levels. This is giving to us pointers where the price is heading next. When we draw FIBONACCI from the last time the price bounced and changed the trend till ATH, we will get new area where the price might be heading to.
Notice RSI. This indicator is giving strong signals that uptrend is changing it's balance towards downtrend. The Price is making highers highs while indicator is showing lower highs. This is called Bearish Divergence.
If you have any questions about this trading idea, I'd be happy to see your ideas or questions. I'm gladly willing to help if any questions comes to your mind!
Things to remember: -> To trade safely we need to use stop losses in case something goes wrong. -> Note this is a long term trade! Requires patience and flexibility to adjust the sails of the market movement. -> Always be aware of things, trends and events what's happening around the current crypto you are trading. They may have big impact on the price movement!
Be Careful While Trading! Any questions or need help? Feel free to leave comments and feedback!
Yarr!
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Sorry for the typo in my chart! Was meant to say "These lines are actually giving where the price might go next."
Here's how previous trend line was breached.
I will post later how did I found the previous landing zone with the elliot wave theory and how it's helping us to find the current one. :)
Why do you think it will ho below trendline before the end of this year?
yarr
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@luckysteem, It's difficult yet to say that will it go down by the end of this year. But we have to keep watching the price movement and adjust to the sails of the bitcoin like true pirates are.. Yarr!
-Borat