This is where we watch for movement, because of two very probable possibilities:
1. Continuation of correction
There is a big Head and Shoulders pattern. If a convincing price fall under the neckline takes place, it might reach 10000, which is a good buy opportunity.
Anything is possible, but if we reach 10000, which acts as support, I belive it might return to the bullish overall trend.
2. Testing reversal
However, it might go up if it breaks the resistence line and the downtrend line from Triangle pattern , targeting the last high. A clear sustained price break can take us to 16500.
Yey, my first public idea: done! Hope it gets read by someone. :)
1. Continuation of correction
There is a big Head and Shoulders pattern. If a convincing price fall under the neckline takes place, it might reach 10000, which is a good buy opportunity.
Anything is possible, but if we reach 10000, which acts as support, I belive it might return to the bullish overall trend.
2. Testing reversal
However, it might go up if it breaks the resistence line and the downtrend line from Triangle pattern , targeting the last high. A clear sustained price break can take us to 16500.
Yey, my first public idea: done! Hope it gets read by someone. :)
Nota
On the 4 hour chart, we're waiting for confirmation of reversal: It seems that an Evening Star pattern will take place, if the current candle wil be a big red one. So, we have to wait about 3.5 hours. Evening Star pattern is a bearish reversal pattern and if it appears it increases the chances that we encounter Ascending Broadening Wedge too (which may lead to further reversal).
Be patient and prepared for anything. Sentiment can change and we can go the other way around, retesting resistence.
Nota
The Ascending Broadening Wedge pattern remains a possibility, on the short term. If it will be successful, it will test the support zone below. There is a possibility of breaking downward from the triangle.
I'm bullish on bearish developement. :)) Time will tell. It might be a New Year gift for those who go short, or it might be a trap. Trade acording to your plan, be cautios and patient.
I think a clear sign of further downward movement would be a strong candle closed below the last low, at 12132, on the 4 hour chart. If that support becomes resistance, when it will be tested, that's another sign.
It could also mean the confirming Triangle and H&S patterns.
Nota
If we would form a lower low on the 4 hour chart, that would be great for continuing bearish momentum.Nota
That target is for Kraken. For other exchanges it may differ.Also it's possible we don't reach that price or go way above it.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.