I don't want this to work out, but it can happen.
Potential down to 45000 from here if that right shoulder forms, based on a measured move. These patterns don't always manifest, and even if it does, not 100%.
Potential down to 45000 from here if that right shoulder forms, based on a measured move. These patterns don't always manifest, and even if it does, not 100%.
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One day changes it all, but not technically invalidated yet, I would only say this one is buried if Bitcoin can move and stay above the head, which would put it into the 60K region. There is an inverse head and shoulders pattern here that puts a target significantly higher than 60K though...full disclosure, I am long from 47100 (yes, still open from Sunday before last). Have trimmed higher, and bought some near 53500 and on the way down.
One day changes it all, but not technically invalidated yet, I would only say this one is buried if Bitcoin can move and stay above the head, which would put it into the 60K region. There is an inverse head and shoulders pattern here that puts a target significantly higher than 60K though...full disclosure, I am long from 47100 (yes, still open from Sunday before last). Have trimmed higher, and bought some near 53500 and on the way down.
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Rough estimate of inverse head & shoulders takes us roughly 40% higher from 47000 and back to ATH say 65000K. If that happens, BTC could go back into price discovery to the upside...I'm fairly sure that's what most people want after the failure to retake 50K by the sellers.
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Not a guarantee, head & shoulders or inverse head & shoulders don't always work out, but this is the Inverse Head & Shoulders pointing to the upside:
Rough measured move on this has BTC retaking ATH at 65700 roughly...
Not financial advice.
Rough measured move on this has BTC retaking ATH at 65700 roughly...
Not financial advice.
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Nope bears ain't dead, FUD due to Gesler testimony is old news. "Bitcoin traded on exchanges is not secure." We KNOW THIS ALREADY. This is why you are not supposed to trade your whole stack on an exchange. Nevertheless, the move down is valid because it happened regardless of the reason. This is trading, not a pre-scripted novel.
Nope bears ain't dead, FUD due to Gesler testimony is old news. "Bitcoin traded on exchanges is not secure." We KNOW THIS ALREADY. This is why you are not supposed to trade your whole stack on an exchange. Nevertheless, the move down is valid because it happened regardless of the reason. This is trading, not a pre-scripted novel.
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Added a bit on the last few dips. Also moved my stop up slightly from just below 50K. Also, if you use Bybit or any other exchange, be sure to use Mark price on your stop loss orders to mitigate exchange specific glitches. One such glitch happened recently on Bybit on Monday morning. Price in the overall market did retest this low however.