Bitcoin #BTC 8 November 2019 #Dailychart #Bitcoinprice #Pricemov
Hi there,
Another try to see where it goes.
The last one i did was pretty good and very close, so let's see what will happen now :-)
To me there are 3 possibilities, marked with 1, 2 and 3
The 1st possibility is what i think will happen and this is why these arrows are solid and possibility 2 and 3 dotwise.
Looking at the RSI and the Volume going down, i see we will hit a support line soon again. Most likely it will bounce from 7800 but i also see a way to 7500, since there is not much volume and RSI has a nice long way to go downwards.
There will be a Bart Simpson formed i think, so it will go up after a drop to 7800-7500. This could be to get more strength and room, to break out around Resistance 9900 or even to 10.900.
The 2nd possibility is that it will go down to Support line 7800-7500 and then bounce up to the trend Support line. When thi sis hit again, it can go down again to 7800-7500 wherw after it will break out towards once of the Resistance lines (P2)
Since it is one of the possibilities, one has to keep it in mind and adjust when needed.
The 3rd possibility is that when it goes down towards Support, it breaks through and will fall towards 6200 or even 5850-5900.
To me this is not very likely, because i am bullish about #Bitcoin.
The way you look at it, it is almost only Descending Triangles and these are know to be bearish. The also can be Reversal and cause an outbreak the other way.
So let's hope all will go up instead of down!
Another try to see where it goes.
The last one i did was pretty good and very close, so let's see what will happen now :-)
To me there are 3 possibilities, marked with 1, 2 and 3
The 1st possibility is what i think will happen and this is why these arrows are solid and possibility 2 and 3 dotwise.
Looking at the RSI and the Volume going down, i see we will hit a support line soon again. Most likely it will bounce from 7800 but i also see a way to 7500, since there is not much volume and RSI has a nice long way to go downwards.
There will be a Bart Simpson formed i think, so it will go up after a drop to 7800-7500. This could be to get more strength and room, to break out around Resistance 9900 or even to 10.900.
The 2nd possibility is that it will go down to Support line 7800-7500 and then bounce up to the trend Support line. When thi sis hit again, it can go down again to 7800-7500 wherw after it will break out towards once of the Resistance lines (P2)
Since it is one of the possibilities, one has to keep it in mind and adjust when needed.
The 3rd possibility is that when it goes down towards Support, it breaks through and will fall towards 6200 or even 5850-5900.
To me this is not very likely, because i am bullish about #Bitcoin.
The way you look at it, it is almost only Descending Triangles and these are know to be bearish. The also can be Reversal and cause an outbreak the other way.
So let's hope all will go up instead of down!
