Check this out
I've labelled everything for you so you can easily understand it.
We've got a wedge in price, which just means higher lows (green circles) and lower highs (blue circles) since we reached $9,100.
And from our previous run up to even get to this level has left it's own trend line (yellow circles).
Now I know some people dismiss sloped trend lines because they're subjective, but ~ they work. You'd never trade off them alone, but they definitely add confluence when helping to make a decision!!
Now check it, all 3 trend lines overlap at a single place.. and then if you run the Fibonacci tool from the low to the high, it places the 61.8% fib (golden pocket - marked in gold) right on that wedge centre. (marked in red).
Then guess what happens just after that? CBOE Futures expiry.. Which I've marked also, which will be 6-7AM 20th June 2019 for us (AEST - VIC/SYD)
cfe.cboe.com/cfe-pro...cboe-bitcoin-futures
So while everyone's out there making silly predictions, know there is more at play than just 'up or down'.
This is no prediction of price post, but just a heads up on what's going on and why the market feels like it's shifting from bullish to bearish every few hours. It's because it is by constantly making a higher low, or lower high. but until we get a HIGHER HIGH or a LOWER LOW, we have no clear direction.
Pay attention!
You can watch this chart play out here:
www.tradingview.com/chart/J7XxIlVI/
I've labelled everything for you so you can easily understand it.
We've got a wedge in price, which just means higher lows (green circles) and lower highs (blue circles) since we reached $9,100.
And from our previous run up to even get to this level has left it's own trend line (yellow circles).
Now I know some people dismiss sloped trend lines because they're subjective, but ~ they work. You'd never trade off them alone, but they definitely add confluence when helping to make a decision!!
Now check it, all 3 trend lines overlap at a single place.. and then if you run the Fibonacci tool from the low to the high, it places the 61.8% fib (golden pocket - marked in gold) right on that wedge centre. (marked in red).
Then guess what happens just after that? CBOE Futures expiry.. Which I've marked also, which will be 6-7AM 20th June 2019 for us (AEST - VIC/SYD)
cfe.cboe.com/cfe-pro...cboe-bitcoin-futures
So while everyone's out there making silly predictions, know there is more at play than just 'up or down'.
This is no prediction of price post, but just a heads up on what's going on and why the market feels like it's shifting from bullish to bearish every few hours. It's because it is by constantly making a higher low, or lower high. but until we get a HIGHER HIGH or a LOWER LOW, we have no clear direction.
Pay attention!
You can watch this chart play out here:
www.tradingview.com/chart/J7XxIlVI/