The Probability of the BTC Price Correction
Updated
Hello, dear subscribers!
Today we are going to consider the possible BTC price movements scenarios.
There was the huge price growth three days ago from the R2 monthly CPR level to R3. But it bounced off this level and began a consolidation period. During this period the descending triangle pattern was formed and now the price is testing its lower band.
We can also notice that the price bounced off the CPR daily and now is testing the S1 level which is matches with the triangle lower band. We can conclude that it is the strong support at this level.
There are globally two possible scenarios:
(1)Green. The price will bounces off this support level and continue its consolidation. In this case we should observe the future price movements to build the appropriate analysis.
(2)Red. The price will face with the correction in case of the triangle breakdown. We can see the attempt to re-enter the triangle, but in case of bounce off this level down the correction to the $24300 is inevitable.
The MACD indicator demonstrates the bearish sign: the MACD line crossed the 0-line and the signal line from up to down.
To sum up, the BTC is still is very bullish but we have to watch for the further BTC price movement to make it clear when the correction could be. If the price will break through the higher band of triangle we can see the massive growth to the $28600.
Please be very careful now!
Today we are going to consider the possible BTC price movements scenarios.
There was the huge price growth three days ago from the R2 monthly CPR level to R3. But it bounced off this level and began a consolidation period. During this period the descending triangle pattern was formed and now the price is testing its lower band.
We can also notice that the price bounced off the CPR daily and now is testing the S1 level which is matches with the triangle lower band. We can conclude that it is the strong support at this level.
There are globally two possible scenarios:
(1)Green. The price will bounces off this support level and continue its consolidation. In this case we should observe the future price movements to build the appropriate analysis.
(2)Red. The price will face with the correction in case of the triangle breakdown. We can see the attempt to re-enter the triangle, but in case of bounce off this level down the correction to the $24300 is inevitable.
The MACD indicator demonstrates the bearish sign: the MACD line crossed the 0-line and the signal line from up to down.
To sum up, the BTC is still is very bullish but we have to watch for the further BTC price movement to make it clear when the correction could be. If the price will break through the higher band of triangle we can see the massive growth to the $28600.
Please be very careful now!
Note
The price formed the symmetric triangle, not the descending. It bounced off the S1 daily pivot level and the triangle lower band. Now the BTC price is trying to break through the triangle and CPR level. Also we can see the almost confirmed double bottom scenario. Now we need to wait the resistance line cofirmation and the completion of the double bottom pattern formation. In this case the price can grow to the R3 monthly level $28600. Trade closed: target reached
The double bottom patter was formed and the price is pumped to the target of $28600. Now price starts consolidtion next to the R3 monthly pivot. This can be the evidence of further price growth to $31000. We will observe the further price moves.
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