XBT Perp Swap - Price, Pattern, Vol, Trend and Time Analysis.
Ok here we go.
Numerous long term bullish pennants developed using recent and historical price action - confluence.
Two shorter term bearish wedges using current and historical price action - confluence.
Uncertain times and longer term analysis unfortunately means that both bullish and bearish scenarios must be considered.
Price is currently testing the top of one wedge, interestingly also 0.382 Fib price.
Note that we are within a volume clamp, supported and held back by volume shelves,
seen in the visible range (VPVR.)
Should we fail the bottom of the wedge, we have 8k support, should 8k support fail we see the next shelf
in the VPVR at 7200-7400 and so on. All these possible failures still keep us in the long term bullish pennants.
Fibonacci Arcs: Fib arcs measure price and time, as you can see, used properly they outline price and used in conjunction
with the correct tools you can develop an idea of when price will react but NOT in what direction.
Ichimoku: Multiple moving averages marked by the thicker lines (not enough space to go into the technicals.)
Note how price reacted with the bottom of the cloud.
I will not make a prediction, because that is not actually the job of technical analysis, I trade trends, if we break above the
current resistance I go long to the bottom of the cloud 10k, if wedge support fails I go short to 8k.
Numerous long term bullish pennants developed using recent and historical price action - confluence.
Two shorter term bearish wedges using current and historical price action - confluence.
Uncertain times and longer term analysis unfortunately means that both bullish and bearish scenarios must be considered.
Price is currently testing the top of one wedge, interestingly also 0.382 Fib price.
Note that we are within a volume clamp, supported and held back by volume shelves,
seen in the visible range (VPVR.)
Should we fail the bottom of the wedge, we have 8k support, should 8k support fail we see the next shelf
in the VPVR at 7200-7400 and so on. All these possible failures still keep us in the long term bullish pennants.
Fibonacci Arcs: Fib arcs measure price and time, as you can see, used properly they outline price and used in conjunction
with the correct tools you can develop an idea of when price will react but NOT in what direction.
Ichimoku: Multiple moving averages marked by the thicker lines (not enough space to go into the technicals.)
Note how price reacted with the bottom of the cloud.
I will not make a prediction, because that is not actually the job of technical analysis, I trade trends, if we break above the
current resistance I go long to the bottom of the cloud 10k, if wedge support fails I go short to 8k.
