So here's the deal.
We are terribly close to a 3hr death cross on 50/200 MA, Several different patterns in the larger picture are in play.
1) Bull flag pattern
In this scenario, ideally we start climbing, and I mean quickly to 10800. The more time moves, the closer that 3hr death cross comes. As I'm writing this, it's trying hard, but I feel that if we don't close the daily somewhat higher than 10500, the bull flag may not happen. (indicated as the small first yellow line that forms the bottom of the flag)
However, the 2nd bull flag pattern is what I'm favoring for now (top most purple trend line and blue line).
This still means we likely go down to 9300 price which has had HEAVY HEAVY support for the past 2 months, but then up and hopefully break out above flag formation for new ATH for the year.
2) Descending channel
This scenario takes us to about 8600 where the price sees significant demand on the bottom of the channel.
Now remember, like bull flags, descending channels are bullish trend long term, even if short term there is a temp slump in prices.
THIS is the 2nd scenario I am currently favoring because it will no only line up really nice with the descending channel, but it would also intersect the bottom in an outer bullish flag really well.
I do expect heavy buying at 8600, and frankly, this will the the last defense for bitcoin's "bullish phase" this past year.
If we fail out of this pattern, I predict a good chance of 4k-5k.
We need to take into consideration that if you zoom out ALL the way to daily/weekly, we are looking to be in a gigantic flag pattern that double topped inside the flag and is potentially on its way back down to the bottom of the flag for the last drive down before hopefully breaking up and out of it.
I'll take a screenshot of that below.
We are terribly close to a 3hr death cross on 50/200 MA, Several different patterns in the larger picture are in play.
1) Bull flag pattern
In this scenario, ideally we start climbing, and I mean quickly to 10800. The more time moves, the closer that 3hr death cross comes. As I'm writing this, it's trying hard, but I feel that if we don't close the daily somewhat higher than 10500, the bull flag may not happen. (indicated as the small first yellow line that forms the bottom of the flag)
However, the 2nd bull flag pattern is what I'm favoring for now (top most purple trend line and blue line).
This still means we likely go down to 9300 price which has had HEAVY HEAVY support for the past 2 months, but then up and hopefully break out above flag formation for new ATH for the year.
2) Descending channel
This scenario takes us to about 8600 where the price sees significant demand on the bottom of the channel.
Now remember, like bull flags, descending channels are bullish trend long term, even if short term there is a temp slump in prices.
THIS is the 2nd scenario I am currently favoring because it will no only line up really nice with the descending channel, but it would also intersect the bottom in an outer bullish flag really well.
I do expect heavy buying at 8600, and frankly, this will the the last defense for bitcoin's "bullish phase" this past year.
If we fail out of this pattern, I predict a good chance of 4k-5k.
We need to take into consideration that if you zoom out ALL the way to daily/weekly, we are looking to be in a gigantic flag pattern that double topped inside the flag and is potentially on its way back down to the bottom of the flag for the last drive down before hopefully breaking up and out of it.
I'll take a screenshot of that below.
I want to be bullish short term, but it is REALLY getting hard to avoid thinking dismissing this flag pattern and the potential for 4k-5k
But I will say that I expect a really quick wick down to touch the lower end of this major flag and climb right back up and out, I don't expect it to draw out for months.
And if 4k-5k is in play, that's actually NOT such bad news. I mean, I know a ton of us wish we would have bought a lot more at 3k than we some did.
I think that will signify the low is in and prices rebound significantly.
I will ALSO bet that when we bottom again at 4k-5k, it will signify a major exit from the stock market and right into the "relative safety" of bitcoin's bottom. Which if you think about it, makes perfect sense. What else are institutions going to invest into when even the 30 year bond will cost them money?
It's almost like the price is being manipulated for big players to exit out of the markets, right into cheap crypto.
...Surprise surprise.