Well before getting into this one I have to mention that I talked about BTC bull run lately and I was guessing that October won't be like most people wish. And according to that Idea of mine MAIN bull run will begin next year.
Now if we are going to talk about this one first I have to say that watch the full chart from the beginning, the first candle.
There is a broken triangle, MA and a trend line which that huge bearish candle proves it...
Here I think we may pullback toward them for a retest and actually the main sell zone will be there so it is clearly important how BTC will act.
Usually in such occasions it gets rejected and if BTC does so, the LAST target of triangle is there but not looking very good.
We may see BTC returning from 7k, MA 50(6k6), 6k(which is supported by a very important trend line you see) and the last one MA 200 (if breaks down just leave crypto).
My ideal target would be 6k-7k.
EW theory also supports the move as far as I can see, but I'm not getting in to this one.
But I like to consider other possible moves like broking up above MA 21. That's why we need to see what will happen there(however I will say just a 10% possibility).
Now if we are going to talk about this one first I have to say that watch the full chart from the beginning, the first candle.
There is a broken triangle, MA and a trend line which that huge bearish candle proves it...
Here I think we may pullback toward them for a retest and actually the main sell zone will be there so it is clearly important how BTC will act.
Usually in such occasions it gets rejected and if BTC does so, the LAST target of triangle is there but not looking very good.
We may see BTC returning from 7k, MA 50(6k6), 6k(which is supported by a very important trend line you see) and the last one MA 200 (if breaks down just leave crypto).
My ideal target would be 6k-7k.
EW theory also supports the move as far as I can see, but I'm not getting in to this one.
But I like to consider other possible moves like broking up above MA 21. That's why we need to see what will happen there(however I will say just a 10% possibility).
