GO/BTC is forming what appears to be an pattern. For this to be valid, we need to see the .382 fib level around 680 hold again and act as a consolidation point before moving back up to retest the neckline around 760. If that occurs, we need a clean break of 760, and ideally I’d like to see 760 retested as new support before moving up to my ultimate target around 875-900. will have influence on whether or not this plays out. If purges the around 3200, a lot of alts could follow it down.
What to watch for:
1.) For the .382 fib level around 680 to hold and act as a consolidation point before price moves up to retest the neckline around 760. Watch for a break and retest of 760 as new support before a potential move up to 875-900.
2.) For the .382 fib level around 680 to be broken with candle closings below the the .382 fib level. If this occurs, our pattern would most likely be invalidated. I wouldn’t be too concerned with wicks, as we saw a handful of those on the left shoulder that got bought back up quickly and we were able to have full-body candle closes above 680.
Entries:
1.) 680-690 (.382 fib level, bottom of the right shoulder if our pattern holds.)
2.) 760-770 when and if a break-out occurs (this would be entering on the retest of 760-770 area as new support. Always a risk we either don’t get a retest, or the retest is unsuccessful and price drops back down.)
Targets if price does break to the upside:
1.) 800
2.) 850
3.) 880
4.) 905
Stop-loss: 640-660 depending on risk level. Be weary of stop-hunts and flash-crashes.
–This is not financial advice. Always do your own research and come to your own conclusions before buying/investing, as investing in cryptocurrencies comes with high risk and high amounts of .
If my post was helpful, and you’d like to support me, here are my donation addresses:
BTC: 3JA2z6FkxDhEHo5ncMEHHGLx78dzzwC1KH
ETH: 0x61DF878e5436530122f1A303e095dBd344502228
LTC: MVDbAhm2yoyCzeRnayMN61oZp75MZ5SZVj
Many thanks! 🙂
Published at Fri, 14 Dec 2018 06:52:53 +0000
