Game of Ladders - short term analysis
It is very possible that BTC could see some upward movement from the $8000 suppoer. However, doing so would risk the possibility of an ABCD formation.
Moving up from $8000, and failing to break 9.7 could create a major downward continuation signal. So if we get to that zone please trade carefully.
IF the .618 and the major do not hold, we have a possible Bullish Bat formation which completes itself at either $7700 or $7000 range.
Due to the rules of harmonics, the $7000 support seems more likely if the pattern were to complete itself.
However, there is a very strong possibility that we could still find support in the $7700 range as this marks both the .786 of the previous swing and and .786 of the current swing.
I do want to note that if BTC were to break and close a daily candle below the current $8000 , I would be very hesitant to open any long positions until there is a clear sign of support.
This would be an extremely signal for BTC . Please see my previous chart for a more detailed analysis on this.
I hope you find this analysis helpful.
I wish you all the best of luck!
Daily Support Trendline:
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
Taking a closer look at it, you will notice that the fibs even match up.
inverse head and shoulders
possible fib continuation pattern
possible double bottom
possible ascending triangle
however as @abfish showed.. there the possible fractual top
i plan on spot buying some in here
IF BTC fails to find support within the green zone, the fractal top holds true, and we will likely head back to test the local bottom. I hope the chat below better describes my current position analysis.
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