BTC Converging Trendlines, Divergence, Fib Retracement
I know this chart is busy but didnt have time to clean up. In short Im long here unless we break and stay below 6699ish. I had take profit/switch long orders in at $6785. The last move retraced to the blue 70% fib line.. similar to last 4hr long pullback. RSI shows bullish divergence on the 15min & hourly. In my opinion this long trade will be invalidated if a drop and stagnation below $6699 happens. The major down trendline has been retested, also there is an up trend line around this area thats been respected. Weekly chart has been green on Heikin so macro trend is currently bullish but can always reverse. As VPR shows, mid to low 6700s not out of the question short term but there is a volume shelf there in low 6700s. I may adjust stop to $6649 just to make sure no shakeouts happen.
If we start a path along the red arrow we have gone bearish imo. The blue arrows are roughly where I think price is headed near term. I forgot to add the trade on the chart but I entered at $6800, stop at $6689.. take profits up to 7k area. First target $6900 area.
If we start a path along the red arrow we have gone bearish imo. The blue arrows are roughly where I think price is headed near term. I forgot to add the trade on the chart but I entered at $6800, stop at $6689.. take profits up to 7k area. First target $6900 area.
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