Bitcoin (BTC) - Analysis UPDATE 2
To Break Or Not To Break?
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The main question is, will we break the downward channel or not? I'm gonna present two scenarios that I think is most like to happen. Nothing major has happened since my post yesterday. Everything is going accordingly to both scenario predictions.
Scenario 1 (Primary count)
I've laid out the subwave count. Let's see how this develops. RSI is still looking strong and my count is still valid there too. I would re-evaluate my primary count if we break out at the bottom of the ascending channel on the RSI or if we pass $8,900 ish.
Scenario 2: Bullish
The key point with this scenario is that we break out from the downward channel. My prediction is that if this scenario will play in, then we will hover around the resistance line for a while before breaking out. Also, if we have to correct a little more before heading up to complete this ABC correction.
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Disclaimer:
I'm not a financial advisor and these are only my opinions. I don't take any responsibility for any investments that you make based on my analysis.
It seems to have broken out of downtrend but it needs to hold there for a couple of days and find support. @benkalashnikov what do you think?
Yeah, I think it's gonna hover around that resistance line and exhaust the sellers til we don't have anymore at that price level.
Nice
Very nice TA here, good predictions, followed from your last post so thankyou for the insight.
Just wondering whether you think it would be wise to take small profits now and buy back after correction or keep hold till the top?
Thank you, hard to tell. I don't mind taking profits in a bear market like this. You never know if we're gonna see lower lows so it's always good to take profits, it has great psychological benefits too. I'm trying to take some profits and play the swings. Just keep in mind to have cash at hand and never buy in at one price level.
Thanks for the reply, I sold off a fraction for a decent margin of profit, slow and steady I guess
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