YardleyRosette

$9,600 price rejection: Probable move down to $8,000 support

Short
YardleyRosette Updated   
BITSTAMP:BTCUSD   Bitcoin
Fibonacci ABCD fullfilled, meaning there is no current reason to be up high anymore since mission was accomplished.
Resistance on Full Traders Dynamic Index Complementary Overlay with representation of red overbought level 68 at $9,600 on daily chart.
Heikin Ashi shows strong bull move within the day. Next bar could show an indecisive one for a sudden temporal pullback to green oversold level representation at ~$8,000 with $12,000 as ultimate target.
Spike noticed on 180 minutes chart green RSI line as strong rejection not to mess around with.

Before reversing as an overall retracement, to $12,000 , price must range slightly or this is a false alert
Comment:
Also some note Elliott waves which totally would confirm a drop for the second wave downward to ~$8,000
Trade active
Comment:
Probable short-term pullback to ~$9,300
Comment:
CONFIRMED:
Comment:
Delayed downmove. I should have waited for daily close again. TSL red line MA shows momentum still to the upside at least temporarily.
Comment:
Lesson: Follow the highphaser
Comment:
HighPhaser indicated no bear move confirmed. Will also be jotted down for strategy.
Comment:
Three Drives
Comment:
Three drives expectation unfulfilled. Reason: Within a reversal rising wedge.
Comment:
Momentum is slowing down confirmed by TSL overlay.
Target zone within $8,000 and $8,500
Comment:
Guide not followed: Erroneous analysis forecast.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.