Multiple Trend Lines in Play - Wait for Confirmation
Hey everyone!
Long time lurker and first time poster. Thought I would share my prediction for how BTC may behave over the coming week.
After breaking up out of the wedge @8900 we will now need to identify a new pattern. Since the breakout, it looks like price is stabilising around 9100. At this price we can see that there are multiple significant trend lines that are in play.
9100 has acted as a support/resistance multiple times in the past. I would be waiting to see if this next 4hour candle closes above or below 9100 which may then indicate whether we are more likely to make our way back down to test 8800 or continue up to 9300.
Be patient my friends and lets wait until we see some confirmation of a move either way before jumping in!
Even RSI on the 4hour is at 50.
Sorry about the messy chart. First attempt. Hopefully you enjoy my idea!
Thanks!
Dageavu
Long time lurker and first time poster. Thought I would share my prediction for how BTC may behave over the coming week.
After breaking up out of the wedge @8900 we will now need to identify a new pattern. Since the breakout, it looks like price is stabilising around 9100. At this price we can see that there are multiple significant trend lines that are in play.
9100 has acted as a support/resistance multiple times in the past. I would be waiting to see if this next 4hour candle closes above or below 9100 which may then indicate whether we are more likely to make our way back down to test 8800 or continue up to 9300.
Be patient my friends and lets wait until we see some confirmation of a move either way before jumping in!
Even RSI on the 4hour is at 50.
Sorry about the messy chart. First attempt. Hopefully you enjoy my idea!
Thanks!
Dageavu
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