Jan 22 2018 (2:00 UTC): What is the price resistance against BitCoin (BTCUSD) that must be broken to change its trend?
I think BTCUSD may be forming a bullish falling wedge pattern. Correct me if I am wrong.
Based on the premise that BTCUSD is forming a bullish falling wedge, how to determine where the resistance is that will be ultimately broken with high probability?
For my notes on BTC’s falling wedge, please refer to my other post here on steemit titled “Jan 21 2018(21:05UTC): Bitcoin ( BTCUSD ) is NOT a buy, may be a hold or a sell as of today!”( https://steemit.com/bitcoin/@chipmaker/jan-21-2018-21-05utc-bitcoin-btcusd-is-not-a-buy-may-be-a-hold-or-a-sell-as-of-today )
Since the wedges are slanting/have a slope, this time, I am using pitch fan lines as they have the ability to encompass fractals/waves.
The Screenshot of BTCUSD(coinbase) daily chart :
As you see, I used two pitch fan lines to determine the resistance band because in my view resistance is not a single breakout price, its an area where traders are changing their opinion about the price.
As you see, by abductive reasoning, the red resistance band only widens as time progresses which implies that it gets more and more difficult for BTCUSD to breakout of the red resistance band as time progresses. This is due to the fact that the Crpto market is facing shock waves from Governments of respective countries which in turn are drowning retail investors in shock who are leaving the market.
Let's say BTCUSD breaks out of Red resistance band, then I'll wait for retest confirmation (so that I do not enter a failed retest like it happened on Jan 08 2018. obviously that retest failed.)
Therefore, I think BTC is not a buy, may be a hold or a sell as of today(Time: 2:45 UTC)!…Please let me know what you think!
More Details will follow as time permits. Please let me know if I am missing anything…..
Legal Disclaimer: I am not bribed to write here and I am not seeking insider favors. I wrote here so I get replies from fellow viewers to educate myself and for my daily expenses. Hence, if anyone uses this post for making their decisions, I am not responsible for any failures incurred.
Safe Trading!
Kal Gandikota
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STOPCoins mentioned in post:
Snapshot of 30min BTCUSD(Coinbase) Chart encompassing Fractals:
If the price moves up with good momentum from here, then BTC has chance to hold its support for next few days, otherwise it will slide down.
Therefore, I think BTC is not a buy, may be a hold or a sell as of today(Time: 2:45 UTC)!…Please let me know what you think!
More Details will follow as time permits. Please let me know if I am missing anything…..
Legal Disclaimer: I am not bribed to write here and I am not seeking insider favors. I wrote here so I get replies from fellow viewers to educate myself and for my daily expenses. Hence, if anyone uses this post for making their decisions, I am not responsible for any failures incurred.
Safe Trading!
Kal Gandikota
PS: If you found this blog post interesting and edifying please follow, upvote, resteem.
PS2: Please kindly donate for my daily expenses (atleast as you would on streets) at the following addresses:
SteemID - chipmaker
BTS Wallet - chip-maker
ETH Wallet - 0x0450DCB7d4084c6cc6967584263cF6fBebA761D1
NEO Wallet - AUdiNJDW7boeUyYYNhX86p2T8eWwuELSGr
PS3: To open a cryptocurrency trading account at the brokerage where I trade most for now, please kindly use the following website(with referral code attached):
https://www.binance.com/?ref=18571297