Analyzing the latest move on BTC 
Analyzing the latest move on BTC 

By EliteElliott | Crypto TA | 1 week ago

$0.14 tipped


 

When you know what to look for, you won't get surprised, when BTC decides to make a move. All the information that you need, to make an educated/calculated decision, is in front of you, hidden in plain sight. All we need to do is to train our eyes and our minds to see the signs.

 

Let's take a look at what happened on the BTC chart before the Price broke down:

 

-Inside the Flag, the Price action has created a Short Term Uptrend, marked by the Trend Line. This Line served as Support until the Price came in contact with the top of the Flag.

 

-Upon making contact, the Price got rejected, creating a Lower High (a first possible sign of a trend change)

 

-Then came another Lower High

 

-Then the Price punched through the Trend line, and for the first time, a Candle has managed to close below the Trend Line creating a Lower Low. (another sign of a possible trend change)

 

-The confirmation of the Trend Change came in when the Price tried to move back above the Trend Line and got Rejected by a series of Long Wicked Candles and to put the final nail into the coffin, a Bearish Engulfing Candle has appeared.

 

A Short Position could have been taken right after the Engulfing candle closure, with a tight Stop Loss above the Trend Line. 

 

I hope You guys found this Informative.

 

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EliteElliott Team

 


EliteElliott
EliteElliott

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