Hey
#BTC has broken down from stated supports strongly, and am now referring back to previous supports which may be targeted shortly.
Although we broke upwards from the bullflag, there was zero volume. We needed the volume in order to keep puhign up to our 9k region targets.
It is clear to me that we are travelling in a nice triangle, with the hope of a pop upwards.
As we descend it may be inevitable that we touch the base trendline of the triangle itself.
Coincidentally, $7,198 fib, lines up nicely with the base trendline.
However my two bounce targets are :
- $7,780
- $7,198 (trendline)
A break below this will get scary. With the possibility of a lower low back in play.
Can clearly count 5 waves within the triangle and this coming down for a 5th, i cannot tell if this triangle is neutral or bullish, so for safety i will be watching the trendlines carefully.
Will be looking for a large increase in volume around the stated support areas.
DAILY RSI has not been this low since $6,500
DAILY MACD needs to curl upwards.
Here are my charts below, enjoy!
Legal Disclaimer: I am only as good as guesses and fibonacci , i love to share my information however i am not telling anybody to specifically follow in any of the trades or decisions i make. I win , I lose but at the end of the day i use this all as a platform to share my opinions on possible outcomes and trades i will be completing. Happy Trading!