BTC Project 2019, Phase 02, Edition 02 - in correction
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Observations:
Just going to make quick bullet points, keeping it short.
a) We did a head and shoulder play and dropped to the current support as per H&S neckline length (pink arrows)
b) Opinion: We are below the psychological 8000ish range, keeping people at bay to enter. Hence were the 4 hrly and daily candle finished indicates bearish trend\correction trend.
c) Possible bearish wedge formation in the 7700 to 7800 range. Need to keep an eye out on volume here.
d) Possible ABC correction in play as per my chart, or maybe a bigger one in play.
e) Possible consolidation in play, but we need to have a day or two to see this out.
f) Daily charts and indicators show there is more room for the downside however 4 hrly 200 EMA acting as support.
g) 4 hrly shows a small rally in place, within the wedge?
Conclusion:
I see 2 possible plays happening at this moment, highlighted by the black arrow lines. This is with the assumption that we are still in a positive market with no bad news.
Note:
Post titled with phase 02, meaning phase 01, uptrend has completed (wave 1 to 5) and correction is in play.
Upon that completion, phase 03 will be titled for the next rally up.
1 Hrly chart details
Daily chart view
Just going to make quick bullet points, keeping it short.
a) We did a head and shoulder play and dropped to the current support as per H&S neckline length (pink arrows)
b) Opinion: We are below the psychological 8000ish range, keeping people at bay to enter. Hence were the 4 hrly and daily candle finished indicates bearish trend\correction trend.
c) Possible bearish wedge formation in the 7700 to 7800 range. Need to keep an eye out on volume here.
d) Possible ABC correction in play as per my chart, or maybe a bigger one in play.
e) Possible consolidation in play, but we need to have a day or two to see this out.
f) Daily charts and indicators show there is more room for the downside however 4 hrly 200 EMA acting as support.
g) 4 hrly shows a small rally in place, within the wedge?
Conclusion:
I see 2 possible plays happening at this moment, highlighted by the black arrow lines. This is with the assumption that we are still in a positive market with no bad news.
Note:
Post titled with phase 02, meaning phase 01, uptrend has completed (wave 1 to 5) and correction is in play.
Upon that completion, phase 03 will be titled for the next rally up.
1 Hrly chart details
Daily chart view
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This community has signals now but with no risk management comms.
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