It can break up or down, when it breaks get ready.
Targets are 6400 or 20500.
Comments?
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So we broke downside. Buy range would be 6500-8500. it will take a pause at 11700, 9200, 7500.
It is very hard to get the last level, dnot try bottom fishing.
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Remember, this fall is healthy for next year. 2900 --> 20000, almost 6.5 x.
Ex: 7500 x 6.5 x = 48000? is the next target for BTC?
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I see the price is recovering from the support.
Still, the Roof pattern holds good. Price has to break it decisively.
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An old descending triangle is broken and the new ascending channel is on the way.
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within the pattern and heading towards the support. It is going to be 4th time test.
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we are heading to 20k
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Here is the update
We broke the roof top pattern and formed a downtrend channel. Price is following into the channel. But there is a strong support at the demand zone. As long as support holds the demand zone, we can buy there and sell on top.
1) Price on trendline 2) Forming a symmetric triangle pattern which can breakout soon. 3) Price is above the support.
@maheswar81, 12200. I didn't see it was at the bottom of the descending channel, so it bounced to the top. I had a stop loss at 13500, but it looks like it could go to the top of the channel (above that) and continues down, so, I move it up to 14000. What do you think?
maheswar81
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@ctealdi, I am not sure, When you are taking the trade of short at 12200 towards the target of 8500, that is around 30% gain, what is your stop-loss risk? 10%? R: R is 1:3, it is pretty good. A trade can go wrong, no one is 100% right. We have stop-loss for that reason.