BTC (Y19.P2.E23).Bullish.Bearish.Scenario
As we are approaching the critical point, pivotal point, we see 2 scenarios.
My thoughts are:
a) if we have a decisive break through this red band\resistance layer, then have a open and close daily candle above this, then we are looking to move towards the top of the channel
b) if we stop below this resistance band or close below it after a daily candle. If we have for eg a shooting star pattern, then we will likely head south.
The fact that we have 2 converging resistances makes it difficult to pass.
I'm still bearish and the trend is still bearish until we see further evidence like the double bottom neckline (7850 - 7900) is passed and we hit its target > 9250
Then it really depends how we hit it.
I still have my eyes on a few scenarios especially the bullish scenario such as inv. H&S as per previous post.
For now, 30 min. bearish div. playing out...to form another consolidation\bull flag of some sort?
My thoughts are:
a) if we have a decisive break through this red band\resistance layer, then have a open and close daily candle above this, then we are looking to move towards the top of the channel
b) if we stop below this resistance band or close below it after a daily candle. If we have for eg a shooting star pattern, then we will likely head south.
The fact that we have 2 converging resistances makes it difficult to pass.
I'm still bearish and the trend is still bearish until we see further evidence like the double bottom neckline (7850 - 7900) is passed and we hit its target > 9250
Then it really depends how we hit it.
I still have my eyes on a few scenarios especially the bullish scenario such as inv. H&S as per previous post.
For now, 30 min. bearish div. playing out...to form another consolidation\bull flag of some sort?
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We need a daily candle to close above this point...right now we are consolidating underneath it.
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Not looking good
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I believe the CME gap has now been filled...bottom 7240.
Just a theory for now...seeing if this is a viable channel
Just a theory for now...seeing if this is a viable channel
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Turns out to be the 0.382 retracement
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Next resistance 7500 range
Hypothesis, another scenario if this is the bottom >
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Not the best looking chart
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On the weekly we have a hidden bullish divergence. Both on the squeeze and stoch indicators
Note the 150, 200 MA and 200 EMA
Note the 150, 200 MA and 200 EMA
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