The end of all the patterns for BTC ... Up or Down ?
Hello, everyone,
New day on the cryptos market, and the awakening is still a little hard. Indeed, since Friday, the trend has been downward, which is why we are not posting any signals. For new ones, when the risk calculated in our signals is greater than 4.2/5, we do not post them. This would put your capital at risk and could prove suicidal at a time when the most important strategy is accumulation and not squandering.
After holding the $6600 bar for a long time, BTC fell under the support and was approaching the upward support (1), the September anchor point. Even if a more solid support remains below, a risk of breakage could start a new downward trend.
However, when we see the graph, we realize that the BTC continues to evolve by confirming all configurations (September upward enlargement wedges, narrowing wedges descending since February, bullish consolidation triangle,...), but now reaching the critical moment that must finish several of them, in the zone (2).
In the case of a break in the support (1), we could continue the longer configuration that started in June and arrive on the support (2). This level will be a critical test for buyers and in case of defeat, the next supports will be at $5800 (4) and then $5000 (5).
In any case, the coming days will determine a trend and 3 situations are possible.
(A), positive, would break the long-term resistance and start a new bullish rally. The most favourable situation, however, is less likely. We estimate a 20% chance that it will happen.
The (B), positive in the medium term, will retest the support around $6300, before rising and breaking the resistance. Probability: 30%.
The (C), negative, sees a breakage of the different supports with, in the worst case, a return to the base of the bevel. But $5800 will be an important battlefield. Probability: 50%.
It is obvious that specific news, or an external element will become the catalyst for the choice that will be made. No one at this time can predict exactly where this will go, and those trying often confuse divination with tangible elements.
The most important thing, as always, is to consider strategies, so stay tuned and keep reading us.
New day on the cryptos market, and the awakening is still a little hard. Indeed, since Friday, the trend has been downward, which is why we are not posting any signals. For new ones, when the risk calculated in our signals is greater than 4.2/5, we do not post them. This would put your capital at risk and could prove suicidal at a time when the most important strategy is accumulation and not squandering.
After holding the $6600 bar for a long time, BTC fell under the support and was approaching the upward support (1), the September anchor point. Even if a more solid support remains below, a risk of breakage could start a new downward trend.
However, when we see the graph, we realize that the BTC continues to evolve by confirming all configurations (September upward enlargement wedges, narrowing wedges descending since February, bullish consolidation triangle,...), but now reaching the critical moment that must finish several of them, in the zone (2).
In the case of a break in the support (1), we could continue the longer configuration that started in June and arrive on the support (2). This level will be a critical test for buyers and in case of defeat, the next supports will be at $5800 (4) and then $5000 (5).
In any case, the coming days will determine a trend and 3 situations are possible.
(A), positive, would break the long-term resistance and start a new bullish rally. The most favourable situation, however, is less likely. We estimate a 20% chance that it will happen.
The (B), positive in the medium term, will retest the support around $6300, before rising and breaking the resistance. Probability: 30%.
The (C), negative, sees a breakage of the different supports with, in the worst case, a return to the base of the bevel. But $5800 will be an important battlefield. Probability: 50%.
It is obvious that specific news, or an external element will become the catalyst for the choice that will be made. No one at this time can predict exactly where this will go, and those trying often confuse divination with tangible elements.
The most important thing, as always, is to consider strategies, so stay tuned and keep reading us.
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