Big Move AHead!?
BTC had a hard month and might be ending the year below 50k. The rising wedge we have had already breakout to the downside and touched the target breakout of $46,712.19, so now we are waiting for another pattern to form and see where it will take us. In 1-Hour Timeframe we are currently forming a Double Bottom (W) pattern which shows bullish. It looks like a big move with 4% move to the upside once it has a confirmed breakout at $49,509 which is our expected price as well. Enormous size options expire today at the end of 2021, thus we are expecting a massive move from Bitcoin, if that is the case, this is the current pattern that support such massive move.
We will discuss more on the possibility on our Live. Stay tune and check with us!
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Disclaimer: Above technical analysis is pure educational information, not Investment Advice. The information provided on this post does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
BTC had a hard month and might be ending the year below 50k. The rising wedge we have had already breakout to the downside and touched the target breakout of $46,712.19, so now we are waiting for another pattern to form and see where it will take us. In 1-Hour Timeframe we are currently forming a Double Bottom (W) pattern which shows bullish. It looks like a big move with 4% move to the upside once it has a confirmed breakout at $49,509 which is our expected price as well. Enormous size options expire today at the end of 2021, thus we are expecting a massive move from Bitcoin, if that is the case, this is the current pattern that support such massive move.
We will discuss more on the possibility on our Live. Stay tune and check with us!
Want more insights before US market open? Hit Like, Share, and Subscribe for more daily trading tutorial & cryptocurrency news
TradeScholar, the best cryptocurrency educational community online!
Find the content above difficult to understand?
Feeling lost about how to trade?
Want to learn how to do your Own Price Prediction?
We endeavour to share you our investment knowledge & experience in order to help you starting your path to financial freedom. Follow, Subscribe & Join our Community to trade together!
Disclaimer: Above technical analysis is pure educational information, not Investment Advice. The information provided on this post does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
we are continually testing the support of head and should pattern breakout. With a price target of 23117.17.
With Fibonacci circles, it predicts major movement to the upside or the downside every time it crosses the ring and we are currently crossing a new ring.
How to apply FIB?
Pull from top to bottom of the beginning of the bull run top.
From the FIB circles we can see that the red ring when crossed it move 84% move to the upside. the blue ring was 74% move to the upside. then now we have cross the ring in the pink ring and currently in the sideways, so if it starts moving to the upside with 80% move we can expect $83K to the upside and it moves to the downside we are expecting $9,293 to the downside with 80% move.
This can be more probable with the downside as it is close to our Head & Shoulder pattern breakout.
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