BTC to hit $6600 before explosive upside push around Dec 4th
BTC has been rejected at the foot of the parallel channel running on-top of our fib channel, a break of 8k should lead to a short bearish rally towards $6600 where it will be supported by long term support zone and the foot of out 1st zone on our fib channel. This price action would also loosely line up with the golden pocket on our fib retrace. From here I expect an explosive push back above 10k before EOY.
Note: If 8k is broken very quicly (20/21st Nov) I think a fall to 7.1k will be realised quite quickly, this would line up with the foot of our 1st fib zone in the channel and the May 18 candle closure zone.
Note: If 8k is broken very quicly (20/21st Nov) I think a fall to 7.1k will be realised quite quickly, this would line up with the foot of our 1st fib zone in the channel and the May 18 candle closure zone.
Note
BTW please disregard the value labels on the fib channel, they mean nothing.Trade active
We have hit the target zone!! From here I expect further downside to the $6600 target, this should come today (22 Nov 2019). From there I believe may see a small bounce to retest $7100 before wicking down further, as said before I believe the $6600 region is the bottom for an explosive push upwards however we may wick down further to close out people who got in long in the $5.5-6.5k regions.Note
Note: Guys I know the title says December 4th but BTC has moved quicker than expected as mentioned in the first comment, I now expect this move to be complete before December 1st, I also believe we will have a very bullish December (compared to the rest of this year).Trade closed: target reached
Hi guys, I know I said I anticipated a strong bounce from $6600 but the way this baby is behaving right now I'm now expecting us to break down to the next support line in the fib channel which is (today) the $6082 area. This is an extremely strong confluence with horizontal support if we look left, so I know adjust my short to further downside. We caught this move from $8765 if you check my twitter pinned tweet, if you haven't closed your position I would adjust S/L and monitor this one for further downside and a little extra $$$. I will update when we complete the move.Trade closed: stop reached
Trade closed
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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.