Unfortunately, the likelihood of the 7800 bearish trend has a very small chance to occur according to the price movements over the last 48 hours. So the chance for low risk positions is likely to be 0. Good news is there are "early confirmation signals" of a small bull run ahead that could hit 9000 and 9380.
There are four price action channels that BTC could go within over the next few days as of the following A, B, C and D respectively on the chart. These channels are formed by significant resistance and support level of the last four weeks.
The price movement in the 30m timeframe over the last 48 hours has indicate a shape of an ascending triangle. The ascending triangle implies a smouldering power of the bull to break out of its resistance level then the fight is heading toward the corner. Therefore, if the BTC is expected to hit back at around 8450.6 to hit its bottom support of the ascending triangle where this intercepts with the first support level of the 30 day price movement.
This could be used as a confirmation signal for a long position with a tolerant stop loss level. After the bounce back, BTC is expected to break the resistance level of this triangle and heads toward the predicted bull run pattern (Blue and Green Lines)
This bull run could potentially hit 9380 after a few bounce-back between channel B and C in which, C will indicate how much of upward price momentum that BTC could hit 9380. This bull run has a shape of an EW pattern. However, there is also a chance that BTC could lose its momentum and the correction phase can happen after the 3rd impulsive wave. As at this level, there will people take out some of their profits for long positions under 8450.
In order to hit 9380, BTC will need to show a strong bounce back at 8760. This level is a strong indicator as it is indicated by both upper - lower trendline and support from the dips of the 30 day period.
In addition, the current EMA of 8,13,21 and 55 are getting close and near the crossover point, it is expected that the 55 EMA will soon be at the bottom at 8450. Finally, the expected gain of the two level at the long price of 8450 would be 7.25% and 11.11% with risk to reward ration 4.23 and 5.8 respectively.
Please note*
As this TA is a great detailed TA with clear price level, please expect some small variations in the real price action if there is any.
If you find the TA is useful, then give me a thumbs up and click follow for more regular update as I spend a lot of time to observe the price action to give you all the most possible market prediction as I can and many thanks :)
Check out my previous TA to have a big picture
Disclaimer
I am not a professional technical analyst or financial adviser. This should not be used for trading action but rather a contribution of knowledge to the community.
There are four price action channels that BTC could go within over the next few days as of the following A, B, C and D respectively on the chart. These channels are formed by significant resistance and support level of the last four weeks.
The price movement in the 30m timeframe over the last 48 hours has indicate a shape of an ascending triangle. The ascending triangle implies a smouldering power of the bull to break out of its resistance level then the fight is heading toward the corner. Therefore, if the BTC is expected to hit back at around 8450.6 to hit its bottom support of the ascending triangle where this intercepts with the first support level of the 30 day price movement.
This could be used as a confirmation signal for a long position with a tolerant stop loss level. After the bounce back, BTC is expected to break the resistance level of this triangle and heads toward the predicted bull run pattern (Blue and Green Lines)
This bull run could potentially hit 9380 after a few bounce-back between channel B and C in which, C will indicate how much of upward price momentum that BTC could hit 9380. This bull run has a shape of an EW pattern. However, there is also a chance that BTC could lose its momentum and the correction phase can happen after the 3rd impulsive wave. As at this level, there will people take out some of their profits for long positions under 8450.
In order to hit 9380, BTC will need to show a strong bounce back at 8760. This level is a strong indicator as it is indicated by both upper - lower trendline and support from the dips of the 30 day period.
In addition, the current EMA of 8,13,21 and 55 are getting close and near the crossover point, it is expected that the 55 EMA will soon be at the bottom at 8450. Finally, the expected gain of the two level at the long price of 8450 would be 7.25% and 11.11% with risk to reward ration 4.23 and 5.8 respectively.
Please note*
As this TA is a great detailed TA with clear price level, please expect some small variations in the real price action if there is any.
If you find the TA is useful, then give me a thumbs up and click follow for more regular update as I spend a lot of time to observe the price action to give you all the most possible market prediction as I can and many thanks :)
Check out my previous TA to have a big picture
Disclaimer
I am not a professional technical analyst or financial adviser. This should not be used for trading action but rather a contribution of knowledge to the community.
