Technical analysis - Wikipedia
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Exploring Technical Trading
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The chart is self explanatory, as we are expecting price to drop from the current level to test the other side of the channel where we have our BUY ZONE. We have stop loss zone stated on the chart for sellers which mean any breakup above the level will implies huge success for buyers. Possible Entry and exit targets are clearly stated on the chart. The Bitcoin accumulation process taking place since February Since then price has been forming a falling wedge pattern, which seems to have come to an end. The new Fibonacci cycle has just started, prior to which price broke above the downtrend trendline, indicating on the BTC uptrend validity.
But still, the 6k plays an important role in the further price Stochastic 89,5,3 is also approaching support and a bounce off this level might see a corresponding Which side do you think BTC will take?! Bullish or Bearish set your expect!!
Bulls have been buying the dips the last couple days but not seeing a lot of follow through on any continuation attempts. This gives us a clear 4 hour equilibrium with a double bottom at 6, as well.
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With a bear break, we will likely have seen our daily lower high which will be a bit disappointing for the bulls not getting to the mid-way point of the weekly Over the weekend Bitcoin' moved sideways between the strong areas. It breaks downwards from the older counter trendline which is not so remarkable anymore because there are other and newer counter trendlines but still it could be a small sign.
The weekly candle closes just below Bullish flag pattern only becomes valid on firm breakout of downward wedge we are currently in. Candles can be in any place within green bubbles which account for flash dumps, minor to moderate price manipulation and bull run itself. Enjoy this trade advice my Crypto Maniacs, but remember to This drop could be an indication that a potential flat could be in the making.