BITCOIN (#BTC): DESCENDING TRIANGLE, DONWTREND CONTINUATION
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Hello Crypto Friend,
Despite the fact that Friday's day was closed with the bearish formation "XXXX", BTC is slowly growing, currently 8.4K. BTC also attempted to reach Fib61.8%, but so far unsuccessfully. However, I do not exclude that it will try again. But EMA200 is still blocking it. BTC also forms the Bearish "Descending Triangle" pattern.
If BTC breaks the EMA200, it will continue to 2nd Target, $ 8.7K. If successful, expect 3rd Target, $ 9.1K.
EMA200 is a strong trend resistance and BTC responds mostly to the decline. There is nothing to suggest otherwise. Then I expect the 7.8K price.
I hope you enjoy my charts, please writte your comments, hit that like button or follow me. Thank you!
Despite the fact that Friday's day was closed with the bearish formation "XXXX", BTC is slowly growing, currently 8.4K. BTC also attempted to reach Fib61.8%, but so far unsuccessfully. However, I do not exclude that it will try again. But EMA200 is still blocking it. BTC also forms the Bearish "Descending Triangle" pattern.
If BTC breaks the EMA200, it will continue to 2nd Target, $ 8.7K. If successful, expect 3rd Target, $ 9.1K.
EMA200 is a strong trend resistance and BTC responds mostly to the decline. There is nothing to suggest otherwise. Then I expect the 7.8K price.
I hope you enjoy my charts, please writte your comments, hit that like button or follow me. Thank you!
Nota
Hi Guys, TA is still valid. In short-term we could go to test $8000 - 8700K. But I likely expect drop below $7000.Nota
Hello, Traders,
Today was an exciting day for BTC because BTC managed to breakout the Descending Triangle pattern. The price then grew slightly to 8500 and price has been bouncing at this level for last few hours. At this price's level there is an important S/RL - Fib of 61.8% and 1D EMA200. Elliott's Wave seems to be still valid. Another bullish signal is Golden Cross. On smaller TFs, all EMA trend lines are below us. All of this suggests a continuing upward trend. However, 1D EMA200 is just above us, at $8600.
However, you need to notice RSI and MACD. Both indicators have so far a bullish trend, but the blue line is approaching the red line, and if there is a crossover, then the price drop can be expected.
Possible scenarios:
A) BTC will continue to grow, the 3rd Elliott's Wave will be completed. Target about $9200.
B) 61.8% FIB or 1D EMA200 sends the BTC down. Be back to the Descending Triangle, which would mean a significant drop in the price. Or, the BTC drops to the top line of the Descending Triangle and it will continue to drop along this line.
C) BTC will stuck on market flat between price $8300 - $8600.
Because it is a weekend ahead of us, it seems to me most likely the last variant c).
In any case, use stoploss to make you ready for a drop price. If price incerease, then update stoploss manually, to ensure your profit.
I hope you enjoy my charts, please writte your comments, hit that like button or follow me. Thank you!
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