Bitcoin completing the handle formation
Hey guys welcome for a fresh crypto update
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A request from all of you to please like and follow our Hard work to keep encouraging us, there's no fee for likes and followings :)
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so in my previous BTCUSD update i've predicted a breakout for a potential wave 3 and it actually did go higher and break the channel, but as we can see that it failed to keep growing so now we need to look for the other side of the coin
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usually i don't believe in patterns, but here we get a beautiful and perfect cup and handle formation which usually breaks out as a bullish pattern
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now at the current situation we are moving in a Handle or a flag pattern represent as blue channel, we get 3 rejections in this channel and formed lower highs, zooming the channel
you see bulls tried to break this channel twice but failed which indicates for prices aiming lower lows
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most likely we could see a retest of FIB236 or if we keep moving down than 55 daily EMA meeting around 9150 weekly support will the bottom of this channel formation
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for now i wont take bearish stand or would suggest you to short from here, but will stay neutral and look for long opportunities from 91XX zone or 55 daily EMA
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Thanks for reading...
For further inquiries or questions dm or comment below
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this is Husain Zabir, signing out
Thankyou...
--------------------------------------------------------
A request from all of you to please like and follow our Hard work to keep encouraging us, there's no fee for likes and followings :)
--------------------------------------------------------
so in my previous BTCUSD update i've predicted a breakout for a potential wave 3 and it actually did go higher and break the channel, but as we can see that it failed to keep growing so now we need to look for the other side of the coin
--------------------------------------------------------
usually i don't believe in patterns, but here we get a beautiful and perfect cup and handle formation which usually breaks out as a bullish pattern
--------------------------------------------------------
now at the current situation we are moving in a Handle or a flag pattern represent as blue channel, we get 3 rejections in this channel and formed lower highs, zooming the channel
you see bulls tried to break this channel twice but failed which indicates for prices aiming lower lows
--------------------------------------------------------
most likely we could see a retest of FIB236 or if we keep moving down than 55 daily EMA meeting around 9150 weekly support will the bottom of this channel formation
--------------------------------------------------------
for now i wont take bearish stand or would suggest you to short from here, but will stay neutral and look for long opportunities from 91XX zone or 55 daily EMA
--------------------------------------------------------
Thanks for reading...
For further inquiries or questions dm or comment below
--------------------------------------------------------
this is Husain Zabir, signing out
Thankyou...
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