Due to recent price action it has given us the most important level to watch. This is a vital post to comprehend and understand to maximize gains.
The chart on the left is the candle stick chart on the 3D and the chart on the right is the line chart.
Let's begin with the line chart (right). Here we can clearly see Bitcoin's most important level on the 3D is around $71,500. We have established this level with three different touchpoints of resistance (red arrows) established over 72 days. You can think about this line as a pressure cooker, and as soon as BTC is able to close above that level on the 3D, it will explode.
Now looking at the candle stick chart (left) we can forecast the potential price action that could lead to this explosive move. Obviously, with the ETH etfs starting to gain some traction - a rising tide could bring up all ships.
The first scenario would be us breaking above at some point this week, most likely retesting this level as new support, then climbing to new all time highs.
The second scenario would be we create an inverse H&S pattern on the three day with one last rejection forming the right shoulder then a true breakout following. This would be similar to the breakout prediction in our last post where we pointed out the inverse H&S pattern perfectly on the 4H.
Th third scenario I imagine could just be some sort of cup and handle pattern from the "H" to the "RS". Most likely in the scenario we would not go as low as the inverse H&S pattern, but would get a nice little drop maybe
65K
or
67K
then retest the $71.5k level break above and start climbing to new highs.
One last scenario, which would be the unlikely one, but it would be we just created a triple top on the 3D and we will revisit the $48-50k level again.
The chart on the left is the candle stick chart on the 3D and the chart on the right is the line chart.
Let's begin with the line chart (right). Here we can clearly see Bitcoin's most important level on the 3D is around $71,500. We have established this level with three different touchpoints of resistance (red arrows) established over 72 days. You can think about this line as a pressure cooker, and as soon as BTC is able to close above that level on the 3D, it will explode.
Now looking at the candle stick chart (left) we can forecast the potential price action that could lead to this explosive move. Obviously, with the ETH etfs starting to gain some traction - a rising tide could bring up all ships.
The first scenario would be us breaking above at some point this week, most likely retesting this level as new support, then climbing to new all time highs.
The second scenario would be we create an inverse H&S pattern on the three day with one last rejection forming the right shoulder then a true breakout following. This would be similar to the breakout prediction in our last post where we pointed out the inverse H&S pattern perfectly on the 4H.
Th third scenario I imagine could just be some sort of cup and handle pattern from the "H" to the "RS". Most likely in the scenario we would not go as low as the inverse H&S pattern, but would get a nice little drop maybe
65K
or
67K
then retest the $71.5k level break above and start climbing to new highs. One last scenario, which would be the unlikely one, but it would be we just created a triple top on the 3D and we will revisit the $48-50k level again.