Over the past couple weeks, we have seen overall sentiment of the market gradually switch to bear. Though this may hold true, I though I would share this bullish fractal pattern and possible trading opportunity.
The chart above shows Bitcoin currently sitting just above a long term pitchfork support. This is the second time testing this pitchfork support which is happening in a very similar manner as on June 10th of this year. The arrows above are there to point out the similarities.
Not only that, but the previous test of 9050 was a perfect hit of the .236 fib extension from the swing of 19k to 3k.
Other Minor Reasons: - Currently above weekly S1 pivot support. - Volume Extension showing seller exhaustion
The Trade:
Entry 1: 9400
Confirmation: 11150
Entry 2: 11150
Target: 17000
Stop/Loss: 9050
With the overall sentiment changing to bear, this may not hold true. However the fractal and opportunity is here.
I hope you all found this article interesting and maybe even a little helpful!
Wish you all the best of luck!
İşlem aktif
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This upward swing has me remaining positive.
Yorum
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was this recent cross a bull trap? I still think this pennant has a possibility of playing out. If so major support would be around 9800
Btc cannot go new high frm here :first downside in daily will complete around 8300$ then weekly wave 2 will complete around 6k-7k then only new high
wargolynch
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@Amjadsid, Yoou don't know about 6-7k dude
It's just impossible to know at the moment
a WXY correction could just settle at 8750, it's still valid
If we're going for WXYXZ, yes it could go to 6k
Amjadsid
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@Maped, i dont relies on EW alone: will update my buying price as downside complete in daily and weekly
ferGOD
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well done!
wargolynch
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The past double bottom entered the strong support zone before going up again
This zone is between 7 and 8.8k at the moment
wargolynch
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@Maped, Like, your fractal should do some double bottom at 8200 to look exactly the same