Most of what I'm about to write here is merely based on speculation. Nothing in the charts is particularly clear as far as direction in the short term, so I'm just attempting to defined a path based on my experience and gut feeling. As soon as thing start looking different, I will re-evaluate and determine a new path.
Let's start by saying that this analysis assumes that we'll get rejected around the current price, under $6200. If we manage to close cleanly above $6400, my mind will probably start changing. So, if we get rejected, I expect we'll form another lower low and hit the mid $3Ks. I wouldn't want to get into "Darklands" territory, because things would get pretty grim if that was to happen.
The dotted lines is just a possible way, which could gain strength based on the pattern alone. Of course, we could end up seeing a double bottom or just a straight bounce up, but I don't believe we'll just bounce without spending some time at the bottom, allowing big players to accumulate.
I think that this is actually a very optimistic prediction. If you've looked around you, anywhere in the world, you may have noticed things aren't looking too bright. It wouldn't be completely shocking to see Bitcoin plunge harder than the stock market. Some people will say "halving", but I'm very skeptical about that having any influence in price, if it did in the past, it was probably a psychological bump, but this time things are different and this psychological bump may not happen. I'm just saying all this because I think there's a very good reason to worry and use extra safety measures for the time being. Better safe than sorry. Let's hope we don't see anything out of the ordinary but keeping an eye open at all times.
That it,
Cheers!
Let's start by saying that this analysis assumes that we'll get rejected around the current price, under $6200. If we manage to close cleanly above $6400, my mind will probably start changing. So, if we get rejected, I expect we'll form another lower low and hit the mid $3Ks. I wouldn't want to get into "Darklands" territory, because things would get pretty grim if that was to happen.
The dotted lines is just a possible way, which could gain strength based on the pattern alone. Of course, we could end up seeing a double bottom or just a straight bounce up, but I don't believe we'll just bounce without spending some time at the bottom, allowing big players to accumulate.
I think that this is actually a very optimistic prediction. If you've looked around you, anywhere in the world, you may have noticed things aren't looking too bright. It wouldn't be completely shocking to see Bitcoin plunge harder than the stock market. Some people will say "halving", but I'm very skeptical about that having any influence in price, if it did in the past, it was probably a psychological bump, but this time things are different and this psychological bump may not happen. I'm just saying all this because I think there's a very good reason to worry and use extra safety measures for the time being. Better safe than sorry. Let's hope we don't see anything out of the ordinary but keeping an eye open at all times.
That it,
Cheers!