Hi Seildev here
What an insane morning/evening has it been for Bitcoins.
Our previous analysis has taught us that if we don't close above
our long wick at 7515 on November 8th then we are confident that
we are entering in our bearish trend.
Right now as we speak we are hovering around the major resistance around 6200
which i expect a flag formation to happen and we can then expect our final target
down to 4730 which is our 61.8% fib where we can find another opportunity to long
the market.
We still have room for more divergence to break down without breaking line.
If we also expect a flag formation forming then we can also expect a simple ABCD leg
completion denoted by leg 1,2 and 3,4. This also lands nicely into our short target
of 4730.
I'll be keeping a close eye out on this currency this week.
If you have any questions, please pm me.
As always, trade with a plan and safe trading!
Seildev
What an insane morning/evening has it been for Bitcoins.
Our previous analysis has taught us that if we don't close above
our long wick at 7515 on November 8th then we are confident that
we are entering in our bearish trend.
Right now as we speak we are hovering around the major resistance around 6200
which i expect a flag formation to happen and we can then expect our final target
down to 4730 which is our 61.8% fib where we can find another opportunity to long
the market.
We still have room for more divergence to break down without breaking line.
If we also expect a flag formation forming then we can also expect a simple ABCD leg
completion denoted by leg 1,2 and 3,4. This also lands nicely into our short target
of 4730.
I'll be keeping a close eye out on this currency this week.
If you have any questions, please pm me.
As always, trade with a plan and safe trading!
Seildev