BTC (Y20.P5.E14).TA on Price Action

5 בדצמ׳ 2020

Hi All,
(ref. D.chart)

** This is a continuation of the previous post where the link is supplied below **

The more I look at the price action, the more I am getting convinced of the target here.
How it gets there in terms of formation, will come as time passes. For now, I'm sticking with the triangle theroy;
I have given reasons before and here I will do in point form:

a) All time high requires effort, consolidation to pass, just like the 10k, 12K and now the 20K;
b) The trend is so far based on the daily 10 EMA, and 20 EMA is likely to be tested again;
c) Fib level resonates with the 20 Daily EMA, the CME gap and the current possible structure;
The triangle flat top structure is a large bull flag and I'm still leaning towards this;
d) Bottom trend line correlates to being support to this structure as well;
e) The Elliot corrective wave triangle with ABCDE fits my thesis;
f) The daily bearish divergence supports the pullback theory;

Close up view


Broader picture


DAILY chart


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Regards,
S.SAri

5 בדצמ׳ 2020

הערה

short term

5 בדצמ׳ 2020

הערה

for the technically minded, the CPR helps confirm levels. key level to go in, 19400 if a candle closes above this price. (4 hrly or daily)