The descending trend line of the falling wedge has held support since July 2019 and Bitcoin's final level at this support line is at $5990.
Breaking the support line could mean another 17% drop in price down to the 200 Weekly EMA @ the $4900 price level.
Currently, price has passed the 120 Weekly EMA price level although the week has not yet ended and price may still either go up or down.
A red candle closing by the end of the week below the 120 Weekly EMA is an invitation for price to further drop to the final support level of $5990, and further down to the 200 W EMA.
The probabilities are now higher for this scenario to happen due to the fact that Bitcoin has gone really close to the end of the falling wedge and has already touched the support line of the falling wedge 3 times. One more touch of this support line at the $5990, and price can be expected to fall another 17%.
However, if Bitcoin manages to break out of the resistance trend line, price may consolidate/accumulate for a while prior to another short pump.
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Watch out for STOPS-HUNTING BOTS!!!!
*** Trades should not be placed based upon what you see here! Do your own research and manage your own risk.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
Breaking the support line could mean another 17% drop in price down to the 200 Weekly EMA @ the $4900 price level.
Currently, price has passed the 120 Weekly EMA price level although the week has not yet ended and price may still either go up or down.
A red candle closing by the end of the week below the 120 Weekly EMA is an invitation for price to further drop to the final support level of $5990, and further down to the 200 W EMA.
The probabilities are now higher for this scenario to happen due to the fact that Bitcoin has gone really close to the end of the falling wedge and has already touched the support line of the falling wedge 3 times. One more touch of this support line at the $5990, and price can be expected to fall another 17%.
However, if Bitcoin manages to break out of the resistance trend line, price may consolidate/accumulate for a while prior to another short pump.
===============================
Watch out for STOPS-HUNTING BOTS!!!!
*** Trades should not be placed based upon what you see here! Do your own research and manage your own risk.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
