Hi everyone,
BTC still remains within the main bearish channel marked in blue. Fortunately we are seeing a small uptrend, marked in green, as we approach the upside of the main bearish channel. I think we will begin to see heavy resistance beginning at 11,800 due to the 1 fib level in grey. Past this point we approach the main downtrend channel, which will also provide heavy resistance. I expect a test within the red box and short pull back to the .76 fib level marked in blue. If this support fails, I expect a strong bounce off the .61 fib level just below marked in green, then another test at the main downtrend channel. If we break this downtrend channel I expect 13,000 to be the first target marked by a dashed green line.
This is my 4th TA, I am not recommending trading advice.
Hope to see a break through!
BTC still remains within the main bearish channel marked in blue. Fortunately we are seeing a small uptrend, marked in green, as we approach the upside of the main bearish channel. I think we will begin to see heavy resistance beginning at 11,800 due to the 1 fib level in grey. Past this point we approach the main downtrend channel, which will also provide heavy resistance. I expect a test within the red box and short pull back to the .76 fib level marked in blue. If this support fails, I expect a strong bounce off the .61 fib level just below marked in green, then another test at the main downtrend channel. If we break this downtrend channel I expect 13,000 to be the first target marked by a dashed green line.
This is my 4th TA, I am not recommending trading advice.
Hope to see a break through!
Trade stängt manuellt:
When making this post my main downtrend channel lines were moved before I zoomed into to further my TA. I am canceling this TA.