Bitcoin / TetherUSUpdated Hold tight, another big drop incoming!
Hey guys!
This is my first ever chart published on TradingView, so please go easy on me! And if you like my analysis any support would be greatly appreciated! =)
So looking at the charts we can see the price has once again failed to break through the upper resistance trend line.
This line was formed from around $17,100 to ~$11,700 and finally our last failure to break at around $11,100.
As you can see in the chart, the last time it failed to get above this resistance line, a big drop followed.
I believe we will see a similar pattern emerge.
The other indication of a drop is a bearish divergence that has formed. The last bearish divergence occurred around the $11,700 range and now we are seeing it again at the $11,100 range.
You can see in both areas, the price formed higher highs while the RSI formed lower highs.
Overall, I see the price moving down about the same percentage as the last drop which will take us around the $8,500-8,400 range.
But first there will most likely be a small bounce off $9,400 as this is a strong support area before further falling down around $8400.
It is possible we fall even further down to our next support (around $7400) but for now I am going to keep my eye on $8400 and prepare for my next move.
If you liked this idea, please show me some support.
Thank you all very much!
This is my first ever chart published on TradingView, so please go easy on me! And if you like my analysis any support would be greatly appreciated! =)
So looking at the charts we can see the price has once again failed to break through the upper resistance trend line.
This line was formed from around $17,100 to ~$11,700 and finally our last failure to break at around $11,100.
As you can see in the chart, the last time it failed to get above this resistance line, a big drop followed.
I believe we will see a similar pattern emerge.
The other indication of a drop is a bearish divergence that has formed. The last bearish divergence occurred around the $11,700 range and now we are seeing it again at the $11,100 range.
You can see in both areas, the price formed higher highs while the RSI formed lower highs.
Overall, I see the price moving down about the same percentage as the last drop which will take us around the $8,500-8,400 range.
But first there will most likely be a small bounce off $9,400 as this is a strong support area before further falling down around $8400.
It is possible we fall even further down to our next support (around $7400) but for now I am going to keep my eye on $8400 and prepare for my next move.
If you liked this idea, please show me some support.
Thank you all very much!
Trade closed manually
Well it appears the dip was very short-lived as BTC tried once again to surpass that upper resistance line. Right as it crossed above, it initially looked like a false breakout and a return to below the line which is why I kept the trade open. But Bitcoin is very strong right now, and we are officially out of the bear market! With that said, I still believe we will see a small dip once bitcoin tries to break the strong resistance at 11.8k and I will post a new idea to reflect this. But the dip will most likely be another small, short-lived dip as BTC refuels for its next move up!
Trade closed: target reached
Okay so my call for a drop was 1 week too soon, that rally up was very unexpected. I'm still more than happy with my original call and almost all my targets have been hit!
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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.
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.