To create confirm a bullish divergence, price on the chart must have a candle that has closed below $8050 and RSI Level must be anywhere above Level 21.
Price reversal could be expected at the following levels:
1. 78.6% - 84% Fibonacci Levels
2. 55W EMA Level
3. Yellow Trend Line
The STOCH RSI is at the Over Sold Conditions, and has been there for a while now, and is waiting for a reversal.
Upside Target will be at the resistance level of the Descending Channel at $9550.
Downside Target will be at the support line of the Descending Channel at $6680.
Dipping below $7300 and a candle closing below that price will create a Lower Low, confirming a bear trend.
There will be a 15% Price Drop when price drops from the 55WEMA down to $6680.
The market is trading welll below the 21W EMA, so the market is still in Bear Country for a while. But pushing the price about $9550 wil reverse that trend because it will create a Higher High.
*** Trades should not be placed based upon what you see here! Do your own research and manage your own risk.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
Price reversal could be expected at the following levels:
1. 78.6% - 84% Fibonacci Levels
2. 55W EMA Level
3. Yellow Trend Line
The STOCH RSI is at the Over Sold Conditions, and has been there for a while now, and is waiting for a reversal.
Upside Target will be at the resistance level of the Descending Channel at $9550.
Downside Target will be at the support line of the Descending Channel at $6680.
Dipping below $7300 and a candle closing below that price will create a Lower Low, confirming a bear trend.
There will be a 15% Price Drop when price drops from the 55WEMA down to $6680.
The market is trading welll below the 21W EMA, so the market is still in Bear Country for a while. But pushing the price about $9550 wil reverse that trend because it will create a Higher High.
*** Trades should not be placed based upon what you see here! Do your own research and manage your own risk.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
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The Big Picture
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Ascending Triangle possibly breaking upside. Potential target: $8454
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Price continues to slowly push down. Zero sellers' strength level reached on Stoch RSI. Bullish Divergence formation continues to form, still valid. Target area set at the confluences and convergences of trend lines and the 55W EMA. Price reversal may be in effect very soon.
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Hmmm, this Ascending Triangle has extended and still valid.
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Watching Bitcoin Is like Watching A Sloth Race
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