Even though it seems that yesterday's rally broke every resistance area on it's way to a new all time record, do note that yesterday's daily bar closing rate was kept INSIDE the tunnel. Meaning: Possible bullish trap. A reasonable trade will be SHORT with stop loss above yesterday's high and a limit at bottom of the tunnel. minimum risk, maximum profit possibility. As for me, I am not a big fan of buying against the momentum, so I will wait for it at the bottom of the tunnel and then buy. Still believe that a strong correction is ahead of us.
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Looks even better with my original COINBASE chart
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Still inside the tunnel + reached 3K. Still believe it's going down unless the upper side of the tunnel is broken. We should face quite a correction pretty soon.
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Crypto-King
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Hi Price is going up reaching USD 2800 it going to go down or keep going up ?
If Up then what will the range ?
If down then till what price ?
Rosenthal
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@Crypto-King, As long as it stays inside the tunnel, it will eventually go down. I personally believe that we are about to go down now and that we have witnessed the highest high for at least several weeks.
First stop would be ~1,900 (previous low, bottom of tunnel). I believe that we will than see a small correction up, sort of another bullish trap, and then a break down towards 1,280, which is the 1.618 Fib extension.
Very important to say that I know nothing more than you or anybody else and I am new to this coin and to this pair. It's strictly a technical analysis that may be worth something or may be a complete bullshit, so don't take my words for granted.
Crypto-King
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@Rosenthal, Thanks a lot !!! 1900 and specially 1280 sounds too low, how did you arrive to that ? Once again Thanks a lot !!!
If Up then what will the range ?
If down then till what price ?