Quick look at the 8HR Chart to see if there are clues for when this current correction will end:
- BTC was in rising wedge reversal pattern before it did break down. According to the rules of this pattern price should drop the same amount as the third side of the wedge, as indicated by the red arrow. This level has been reached and indeed as it stands price is now recovering. Volume was decreasing which validates this pattern.
- Note how the prior falling wedge continuation pattern did continue trend as expected and approximately the amount expected by the pattern (green arrow). Volume was increasing which validates this pattern.
Since BTC is in an overall rising bull trend I hope that this will signal the end of the correction. This also corresponds to the key 10700 support/resistance level and the 50 EMA to add confluence.
If we go back up the 11900 level will be key as if we go through this we will confirm the reverse Head and Shoulders pattern.
See
for a running commentary on BTCUSD.
"Luck is what happens when preparation meets opportunity"
This is not investment advice. DYOR
Comments and thoughts welcomed below.
- BTC was in rising wedge reversal pattern before it did break down. According to the rules of this pattern price should drop the same amount as the third side of the wedge, as indicated by the red arrow. This level has been reached and indeed as it stands price is now recovering. Volume was decreasing which validates this pattern.
- Note how the prior falling wedge continuation pattern did continue trend as expected and approximately the amount expected by the pattern (green arrow). Volume was increasing which validates this pattern.
Since BTC is in an overall rising bull trend I hope that this will signal the end of the correction. This also corresponds to the key 10700 support/resistance level and the 50 EMA to add confluence.
If we go back up the 11900 level will be key as if we go through this we will confirm the reverse Head and Shoulders pattern.
See
"Luck is what happens when preparation meets opportunity"
This is not investment advice. DYOR
Comments and thoughts welcomed below.
