BITCOIN: Breakage confirmed and what to expect...
Finally BITCOIN has broken out the "Falling Wedge" by the upper line which is very good despite I was expecting a 5th wave down longer than the one presented.
Additionally to that breakage upwards, BITCOIN created a nice "Double Bottom" pattern which gives some confidence on the upwards movement since it is a Bullish pattern as well
Of course, I am not going to complaint about since we all want the recovery of the Market of this long and painful correction but we still must be careful.
Bull Traps are trendy lately and I am considering two possible scenarios right now to happen in short time... and guess what? one is bullish and one is bearish :-)...
Bullish Short Term Scenario:
- Double Bottom triggered , Reversal temporary confirmed = Target 5100 USD.
In order to confirm this move upwards, BTC has to break the resistance in dashed line.
Bearish Short Term Scenario:
- Still on correction mode, 5-3-5 type = BITCOIN forming an A-B-C and resuming with a 5 waves down = 2900 USD
This is a typical 5-3-5 Zig-Zag Correction...
As you can see everything depends on the reaction to the current resistance (shown in the second image)...
I guess we are going to see soon the resolution of the dilemma.
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently.
Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
Published by Too Fast Eddie
on
it seems The MA200 and the MA20 will cross very soon.
The MA20 is the bullish green line calculated over 20 days and its on a course to cross over the slower
MA200 ,
Normally before the MA20/MA200 cross takes place theres a slight dip in the assests price and then it moves upwards .
The lowest i expect BTC to reach is 42xx .
what do u think?
I think I will confirm reversal as soon as 200dMA will cross the price line, till then...nothing sure...
I think we have still high likelihood of going just below 3000$ as I wrote at the post.
Thanks for commenting
you are welcome.unfortunately due to my low recharge rate (3.6m per day) I can not comment or post here more than 1-2 times a day.but I always reply to your good stuff. cheers.
Hahaha! Well, perhaps the current price gives you some chances to get cheap Steem... have you considered it?
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Still hoping for PennySTEEM :D
For me I think it’s enough 😂😂😂
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$200 incoming ;-)
That’s your bottom price? OMG!
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