Welcome followers, friends, foes, haters and everyone in between. Let's jump right into the analysis and see what's going on. BTC -1.91% looks to be creating a REALLY similar pattern to last time. Scarily close even. I will keep this short and to the point as I think my chart does most of the talking.
IF this pattern holds true we are going to chop around in this channel a bit more for another week before dumping. You can see that MACD looks really close to last time as well as RSI , which leads me to believe that we are going to continue to chop around in this upward channel. We will look for moves to either confirm or invalidate this pattern moving forward.
Some things to keep in mind.
IF this pattern hold true, our next downward target will be 5600. So we want to put buys in just above that area and ladder down from there, not at 6.5k area.
A. It also means we want to preserve our profits and get out at the next pop up or use a stop to accomplish this.We could break down sooner, this yellow trendline is what we want to keep an eye on to lock in profit or minimize losses to what should be close to break even if you are following me.
Happy Trading,
Sherem