I see that a lot of people are looking at either a Inverse head and shoulder with the right shoulder at 3600 or a higher low around 3300.
Few bears are calling for low 2k Bitcoin in the coming weeks and some have doom scenarios to at least 1000usd.
What if 3k will break but hold?
This analysis on the 12h chart gives that scenario.
The highest dumping volume already happened around 20th nov and the bounce retracement of 3100 is also decreasing in volume.
The Macd is showing divergence against price and the RSI is trying to.
As the volume in the wedge we currently are in is decreasing I assume we will break and see a dump after New Year.
The purple line is the longterm downtrend line on the Linear chart and that is what the bulls want to break.
To anticipate on a break we should have already entered a position around 2800-2860.
If we break the purple line I assume bears will cover their shorts and late bulls will market buy which will cascade to a bear market rally to 5700-5900
If we dump with significant volume I will hold onto my older analysis and target around 2300.
Few bears are calling for low 2k Bitcoin in the coming weeks and some have doom scenarios to at least 1000usd.
What if 3k will break but hold?
This analysis on the 12h chart gives that scenario.
The highest dumping volume already happened around 20th nov and the bounce retracement of 3100 is also decreasing in volume.
The Macd is showing divergence against price and the RSI is trying to.
As the volume in the wedge we currently are in is decreasing I assume we will break and see a dump after New Year.
The purple line is the longterm downtrend line on the Linear chart and that is what the bulls want to break.
To anticipate on a break we should have already entered a position around 2800-2860.
If we break the purple line I assume bears will cover their shorts and late bulls will market buy which will cascade to a bear market rally to 5700-5900
If we dump with significant volume I will hold onto my older analysis and target around 2300.
