DrDovetail

Yesterdays candle predicted, will today's be as predictable?

BITFINEX:BTCUSD   Bitcoin / Dollar
Turned out my original call yesterday was exactly where yesterday's candle closed with the ultimate support of yesterday's candle being the 200 SMA (in pink) and it's ultimate resistance being the top trendline of the descending wedge (in green). We may very possibly see a couple to a few more lower low/lower high retracement candles, but it's also possible the retracement could already be over. The real test is whether or not whenever the retracement is over and we switch back to a series of higher lows/higher highs, whether it opens higher than what it was when we first began our last series of higher low/higher highs (which was from the recent bottom) I'm highly confident we will see a series of higher highs and lows before it reaches that bottom point, and if we do switch back on this very next candle that will be huge because that means we will close above the green descending wedge , with the possibility of it being a breakout if the candle after that closes with higher lows/higher highs. I think it most likely will have one more lower low/lower high candle at least and if so this candle will likely continue to have the descending wedge as it's line of resistance and probably the purple line or the bottom wedge line as resistance. I would much rather it is done with the slight retracement and it instead of going down, blasts off and skyrockets out of the descending wedge . We shall see...as always you do you I'm playing it conservative until I see it break up out of the wedge , closing above it, and then has a candle that closes the day after with a higher high/and higher low. You do you as this is not advice.
Kommentar: It's looking like the current candles support line is the 200 Simple Moving Average(pink), and it's line of resistance is the 200 Exponential Moving Average(orange)....decent range between them so I would sell fractions of my position at 8795 and but back in around 8100-8175. Not advice of course just sharing my personal strategy. ;)
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