This is where we watch for movement, because of two very probable possibilities:
1. Continuation of correction
There is a big Head and Shoulders pattern. If a convincing price fall under the neckline takes place, it might reach 10000, which is a good buy opportunity.
Anything is possible, but if we reach 10000, which acts as support, I belive it might return to the bullish overall trend.
2. Testing reversal
However, it might go up if it breaks the resistence line and the downtrend line from Triangle pattern , targeting the last high. A clear sustained price break can take us to 16500.
Yey, my first public idea: done! Hope it gets read by someone. :)
1. Continuation of correction
There is a big Head and Shoulders pattern. If a convincing price fall under the neckline takes place, it might reach 10000, which is a good buy opportunity.
Anything is possible, but if we reach 10000, which acts as support, I belive it might return to the bullish overall trend.
2. Testing reversal
However, it might go up if it breaks the resistence line and the downtrend line from Triangle pattern , targeting the last high. A clear sustained price break can take us to 16500.
Yey, my first public idea: done! Hope it gets read by someone. :)
註釋
Head an Shoulders pattern is not yet confirmed. The support zone between 12500 and 13000 seems to be strong. I would not trade until price gives a clear signal.註釋
On the 1 hour chart, there seems to be a Broadening Wedge pattern. If it doesn't break resistence, it can cam back down, and retest support.註釋
Seems to come back to the base line. Ascending Broadening Wedge is a bearish pattern. But don't count on the price to not get up again; it's actually expected to rise in the first days or weeks of 2018.註釋
On the 4 hour chart, we're waiting for confirmation of reversal: It seems that an Evening Star pattern will take place, if the current candle wil be a big red one. So, we have to wait about 3.5 hours. Evening Star pattern is a bearish reversal pattern and if it appears it increases the chances that we encounter Ascending Broadening Wedge too (which may lead to further reversal).
Be patient and prepared for anything. Sentiment can change and we can go the other way around, retesting resistence.
註釋
The Ascending Broadening Wedge pattern remains a possibility, on the short term. If it will be successful, it will test the support zone below. There is a possibility of breaking downward from the triangle.
I'm bullish on bearish developement. :)) Time will tell. It might be a New Year gift for those who go short, or it might be a trap. Trade acording to your plan, be cautios and patient.
I think a clear sign of further downward movement would be a strong candle closed below the last low, at 12132, on the 4 hour chart. If that support becomes resistance, when it will be tested, that's another sign.
It could also mean the confirming Triangle and H&S patterns.
註釋
If we would form a lower low on the 4 hour chart, that would be great for continuing bearish momentum.交易進行
Strategy still in place: if we convincingly break support line of the wedge, ideally on the 4 hour chart as well, we go down. I'm not sure how far down. Possibly a bit lower than 12132, which was the last low. Although... it has to break support zone first.
交易進行
Target: @16555The price broke out of the Triangle and is going to test the next resistence.
註釋
That target is for Kraken. For other exchanges it may differ.Also it's possible we don't reach that price or go way above it.
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