Quite the chop chop with Bitcoin
Strong support around the $6200 and resistance around $6400
Watch for:
- Btc is testing the 1 Fib
- Flag pennant is forming (watch for the BO)
- Also possible symmetrical triangle is forming (watch for volume)
- Oscillators are indicating more bearish momentum
- Decreasing volume
Action step:
- Wait for the breakdown of $6200 or breakout of $6400
- Put in your S/R lines for more confirmations
- The 4 hour chart is creating a possible downward trend therefor invalidating the triangle
Strong support around the $6200 and resistance around $6400
Watch for:
- Btc is testing the 1 Fib
- Flag pennant is forming (watch for the BO)
- Also possible symmetrical triangle is forming (watch for volume)
- Oscillators are indicating more bearish momentum
- Decreasing volume
Action step:
- Wait for the breakdown of $6200 or breakout of $6400
- Put in your S/R lines for more confirmations
- The 4 hour chart is creating a possible downward trend therefor invalidating the triangle