Bitcoin Finally Found Support At The 120W EMA... What Now?
Now that price bounced off the 120W EMA, price is headed for the 55WEMA (Blue Rectangle) and possibly the 38.2 Fib Level.
Should Bitcoin get rejected at the 55W EMA, it could find support at the 23.6 Fibonacci Level (Green Rectangle).
First order of business, get passed the 23.6 Fib Level (Bitcoin could meet resistance there).
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Watch out for STOPS-HUNTING BOTS!!!!
*** 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)
Should Bitcoin get rejected at the 55W EMA, it could find support at the 23.6 Fibonacci Level (Green Rectangle).
First order of business, get passed the 23.6 Fib Level (Bitcoin could meet resistance there).
===============================
Watch out for STOPS-HUNTING BOTS!!!!
*** 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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Bitcoin now has to Re-Test the Resistance Zone.
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Preparing for a reversal. Awaiting the right moment. Signals will eventually show up, then the time for reversal will be right.
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Price Currently @ Resistance Zone #1
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Resistance is being re-tested.
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Rising Wedge plus an RSI Bearish Divergence.
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Ascending Channel plus a Bearish Divergence. $7.4K resistance up ahead.
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Next, Bitcoin has to re-test resistance. Will resistance hold or will price break through to the $7.4K levels?
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Bitcoin now re-testing resistance zone. Bearish Divergence on RSI has to be fulfilled.
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55 EMA is acting as resistance keeping price down in this descending triangle. Breakout to downside very probable.
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Support Now Being Re-Tested, Bitcoin Now In A Falling Wedge.
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If Bitcoin gets supported at the 38.2% Fib Level, it might test the resistance re-test zone. Price breaking to the downside will more than likely hit the 61.8% Golden Fib ratio, area of common price reversal.
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Going Up To Re-Test Resistance or Going Down To Re-Test Support #1 and Support #2
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Possibly following this fractal.
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Price hit the 61.8% Golden Fib Ratio Level. Bearish Divergence has been fulfilled. It reached the resistance zone and re-tested it. Price now is currently still going up as this post is being written using my smartphone.
Will post new chart when I get to my computer.
Will post new chart when I get to my computer.
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Re-Test done.
If price continues to go up and passes $7400, this will be the next target up at the 1.618 Fib $7680.
If price decides to retrace, target will be $7046 at the 61.8% Golden Fib Level.
If price continues to go up and passes $7400, this will be the next target up at the 1.618 Fib $7680.
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Getting closer to target at $7680
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Bitcoin has made a higher high locally changing the trend from down to up. Nice!
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Resistance has been reached and Bitcoin is now consolidating. What's the next move?
Check out the Inverse Head & Shoulders and possible game play for this pattern.
Check out the Inverse Head & Shoulders and possible game play for this pattern.
