Dear followers,
From my previous TA, I have shown you the possible daily inside bar breakdown and the crucial support/resistance level to watch closely (in the updated idea section if you would like to refer back).
So, the daily inside bar did breakdown but the breakdown was not significant. Thereafter, BTC formed a triangle on the <4hr timeframe and has also broken down. Again, the breakdown was insignificant. In my opinion, it could be a number of reasons:
1. Volume is weak on the weekend
2. The ABCD formation & extension of AB indicating the short term bottom at $7101
3. The big players are accumulating (a good friend of mine showed me a chart of Wychoff theory which suggests the possibility that BTC is currently in phase C (the absorption of supply phase)
As you can see, the direction of BTC is still unclear. The point of this TA is just to provide you with different scenarios so you can prepare a plan based on your own trading strategy.
Taiwan Bear
From my previous TA, I have shown you the possible daily inside bar breakdown and the crucial support/resistance level to watch closely (in the updated idea section if you would like to refer back).
So, the daily inside bar did breakdown but the breakdown was not significant. Thereafter, BTC formed a triangle on the <4hr timeframe and has also broken down. Again, the breakdown was insignificant. In my opinion, it could be a number of reasons:
1. Volume is weak on the weekend
2. The ABCD formation & extension of AB indicating the short term bottom at $7101
3. The big players are accumulating (a good friend of mine showed me a chart of Wychoff theory which suggests the possibility that BTC is currently in phase C (the absorption of supply phase)
As you can see, the direction of BTC is still unclear. The point of this TA is just to provide you with different scenarios so you can prepare a plan based on your own trading strategy.
Taiwan Bear
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Close-up look of the ABCD & Fib extension of AB:
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I think this deserves a like :)
