Market Update
Let's draw simple trendlines to try and figure out what the next market moves could be. As it can be seen from the chart below, the BTC price moves from the small and steep yellow triangle into a much bigger and shallower white one, and as we get closer and closer to its apex, the market volatility drops to such a degree, that the daily price bars barely move against each other. The good thing about our current situation is that we are very close to a breakout in either direction.
If we break to the upside, we have a $26K + white triangle price target. If the break out is going to be down, then we will get into the hands of a much larger and even more shallower red triangle with its bottom side @ ~ $4K.
https://www.mql5.com/en/charts/8482596/btcusd-d1-simplefx-ltd
The current volatility implies a range of targets to the downside between $7300 and $7950 provided we have a daily close below $8566. On the other hand, a daily close above $8765 implies a continuation to try and test $10K.
https://www.mql5.com/en/charts/8482608/btcusd-d1-simplefx-ltd
Very shallow downside targets are implied across all major ALT coins.
BCH
https://www.mql5.com/en/charts/8484483/bchusd-d1-simplefx-ltd
DASH
https://www.mql5.com/en/charts/8482628/dashusd-d1-simplefx-ltd
ETC
https://www.mql5.com/en/charts/8482632/etcusd-d1-simplefx-ltd
ETH
https://www.mql5.com/en/charts/8482634/ethusd-d1-simplefx-ltd
LTC
https://www.mql5.com/en/charts/8482637/ltcusd-d1-simplefx-ltd
XRP
https://www.mql5.com/en/charts/8482640/xrpusd-d1-simplefx-ltd
Thank you for your post. :) I have voted for you: 🎁! To call me just write @contentvoter in a comment.
Thank you for the update! Greatly appreciate you.
You are maintaining the Gold Standard Srezz !! Love your analysis.
Thank you Srezz. Do you suggest any books/videos for learning TA, especially on the targets/WMA, would really appreciate, if you could share.
Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications by John J. Murphy
The New Science of Technical Analysis by Thomas R. DeMark
Thank you Srezz
Thank you @srezz
Thanks for the update srezz. Appreciate👍
Looks like your BCH chart is actually a duplicate of the BTC chart
Thank you for spotting.
Hi Srezz. Btc Still looking heavy to you?
yes, very heavy indeed. We will have a bounce from around 6K, but then if it doesn't hold we are heading to 2.5K
Gotcha. Thx. One of those odd situations where we all wish we could’ve bought more at 2 1/2 K but if it actually goes back to 2 1/2 K everyone shits a brick.
Going to cancel my buys in the 4/5k range that have been sitting there for months and mix them between the 6’s and 2’s.