Hello,
BTCs move is coming ver soon.
I would say today or tomorrow.
I just found this similiar pattern which looks like the bullrun in 2019.
On the left, you see the current price action on the 4 hourly but inverted.
On the right, you see the chart from 2019 which initiated the bull run.
Its crazy how similiar they look like.
Lets go into the detail:
On both charts you have the symmetrical like triangle.
In 2019, the target of that symmetrical triangle was ~$5100, which was reached perfectly.
After that, bitcoin consolidated and pumped afterwards to the 0.618 fibonacci level
Lets copy the same behaviour to the current situation:
The target of the current symmetrical triangle would be $7400.
And thats what is impressive, because a lot people are expecting a bounce there.
The $7400 was a strong resistance level before. After breaking that, bitcoin pumped to $10.000.
Not only this level was visible on the chart, but also a lot indicators (like MFI, RSI, Distribution/Accumulation Money Flow) were having there a resistance level which was broken.
But, theres also a potential target to 6.3k, which is the 0.618 fib level.
Im in a short position currently and will take 50% profit at 7.4k and hoping for a consolidation there.
I dont think, bitcoin will pump back up from there (i mean it could) but looking at the current COVID-19 situation, the traditional market might collapse one more time.
There is a really really small chance, that we could even see lower prizes in the future (im talking about $4000 or even lower than $3000).. but these targets should be taken more serious when BTC dumps down to $6300.
BTCs move is coming ver soon.
I would say today or tomorrow.
I just found this similiar pattern which looks like the bullrun in 2019.
On the left, you see the current price action on the 4 hourly but inverted.
On the right, you see the chart from 2019 which initiated the bull run.
Its crazy how similiar they look like.
Lets go into the detail:
On both charts you have the symmetrical like triangle.
In 2019, the target of that symmetrical triangle was ~$5100, which was reached perfectly.
After that, bitcoin consolidated and pumped afterwards to the 0.618 fibonacci level
Lets copy the same behaviour to the current situation:
The target of the current symmetrical triangle would be $7400.
And thats what is impressive, because a lot people are expecting a bounce there.
The $7400 was a strong resistance level before. After breaking that, bitcoin pumped to $10.000.
Not only this level was visible on the chart, but also a lot indicators (like MFI, RSI, Distribution/Accumulation Money Flow) were having there a resistance level which was broken.
But, theres also a potential target to 6.3k, which is the 0.618 fib level.
Im in a short position currently and will take 50% profit at 7.4k and hoping for a consolidation there.
I dont think, bitcoin will pump back up from there (i mean it could) but looking at the current COVID-19 situation, the traditional market might collapse one more time.
There is a really really small chance, that we could even see lower prizes in the future (im talking about $4000 or even lower than $3000).. but these targets should be taken more serious when BTC dumps down to $6300.
Comment:
So this is the best like scenario which i would love to see.
Dump to 7.4k, consolidate (maybe creating a bear flag) and continue dump to 6.3k
Dump to 7.4k, consolidate (maybe creating a bear flag) and continue dump to 6.3k
Comment:
Here are some examples why $7400 is a major target using indicators:
Accumulation/Distribution Money Flow: Break of the 3 year resistance line
Will Bitcoin dump just to retest that old resistance line just to test if it acts as support?
Accumulation/Distribution Money Flow: Break of the 3 year resistance line
Will Bitcoin dump just to retest that old resistance line just to test if it acts as support?
Comment:
Indicator Scalper:
Also had the breakout at the 7.4k area.
You can also see on the weekly a Hidden Bear divergence.
Will btc dump to just retest the old resistance?
In most cases, when the line inside scalper does bounces off that middle line (at 50), it indicates a continuation of the trend, which would be in this case an uptrend.
Also had the breakout at the 7.4k area.
You can also see on the weekly a Hidden Bear divergence.
Will btc dump to just retest the old resistance?
In most cases, when the line inside scalper does bounces off that middle line (at 50), it indicates a continuation of the trend, which would be in this case an uptrend.
Comment:
Here on the Daily im looking at this retest
Point of controls are just lines, which display, at which price the price consolidated the most on each DAY.
In 90% of the cases, those POCs are being retested on the following day.
But sometimes, they are being never retested or being tested after a few weeks.
Currently there are a few untested POCs below:
$8800
$7700
$6318
$4875