What’s good guys, I thought i would keep you updated on Bitcoin to let you know what to expect.
Notice how we are coming from the top M formation, we know that we should see 3 cycles to the downside, however we know the market makers can change this at any point.
Notice how the drop in levels are consistent with the market maker cycle…What we must consider however is the market maker could extend the levels which we have seen in the past before they make another move to the upside.
You can see how there is a W and another Tattoo pattern at the moving averages.
Which do we choose?
Consider this, until price breaks the first leg of the W formation, the pattern to the upside is still live but we need price to close above the 50 day ema, retrace back down to it and continue up.
If price does break the 1st leg of the W, we would expect price to go down to the 800 ema on the hourly where we will see very strong support by the market makers to build yet another zone (W) to bounce from there.
Again, we must wait for confirmation…Price is forming a base support at the M2 zone (where price is right now. we know that if M2 holds we should see the M4 which is 58230.
But once again, we must wait for price to close above the 50 and 200…
Your probably frustrated with all this waiting around…Gurantee, that when its time to ride, thats when you get paid.
See you tonight guys.
Trade well my friends.