Retrace now or push to drop?
Hi fellow enthusiasts,
I got stopped out of the last trade and have been on the sides since then, not trading is better than gambling right? ;-)
Looking at the chart and absorbing a lot of information in the chart-attack crypto channel on telegram things are becoming a bit more clear now.
At this moment I take into account several horizontal resistance lines above and below in combination with a upwards channel.
Within this channel however there is an upward support so top of the channel and the support form a rising wedge.
Most likely scenario's from here in my opinion:
1) wedge plays out and we drop somewhere in the next 2 days.
In that case it will likely just be a retrace that helps us breaking higher if we don't leave the channel.
Maybe we don't even reach the bottom of the channel since there is horizontal support a bit above 6600 but also higher (6650 and 6770)
After this retrace we will likely go up again until we get stopped by one of the resistances above us between 7300 and 7700.
2) We push further up now and leave the channel.
In that case it is more likely we don't get that high until we drop anyway.
Let's see what happens, happy trading all.
C.J.
I got stopped out of the last trade and have been on the sides since then, not trading is better than gambling right? ;-)
Looking at the chart and absorbing a lot of information in the chart-attack crypto channel on telegram things are becoming a bit more clear now.
At this moment I take into account several horizontal resistance lines above and below in combination with a upwards channel.
Within this channel however there is an upward support so top of the channel and the support form a rising wedge.
Most likely scenario's from here in my opinion:
1) wedge plays out and we drop somewhere in the next 2 days.
In that case it will likely just be a retrace that helps us breaking higher if we don't leave the channel.
Maybe we don't even reach the bottom of the channel since there is horizontal support a bit above 6600 but also higher (6650 and 6770)
After this retrace we will likely go up again until we get stopped by one of the resistances above us between 7300 and 7700.
2) We push further up now and leave the channel.
In that case it is more likely we don't get that high until we drop anyway.
Let's see what happens, happy trading all.
C.J.
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