BitcoinGuru

Bitcoin Bear and Bull Fractals at Crossroads Again

BITFINEX:BTCUSD   Bitcoin / Dollar
Bears:
Bitcoin is showing weakness with a double top at $475-500 and H&S formation as well. A move below $400 on Bitfinex will confirm the bears taking over and a potential revisit of $340-350 and even $315.

Bulls:
If we manage to hold above $400 then we will stay in 2 weeks of sideways and consolidation and break out after January 15th towards new highs of $650-680

Note: Any bad news e.g. BitcoinXT Fork etc. can wick down Bitcoin to $275 then shoot it back up.

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Trade active: Bitfinex broke $420 bear scenario in play (see red arrows).
Target to be reached is $385-380 upon $400 break in few hours/ days
Trade closed: stop reached: Fake-out to the bottom of the 4H BB then full retrace to its top to REKT late shorters.
Back to middle of my chart. imo more sideways before decision.
Trade active: Bitcoin held above 420s and went for the bull cycle scenario. we will reach 450-440 target in few days and head a little down for more consolidation to finally break out after January 15th to new highs $520 intially then $680-650
Comment: Bitcoin instead decided to go for more consolidation.
Today's daily candle is the end of the 11 days timenode cycle which marks a big incoming move in the next 24-48 hours.
Still no way of telling what's next at 100%:

Bulls: I am still favoring a move up to 450 initially then more consolidation then a breakup after January 15th and the start of the megabull cycle to $650+ as long as $425 holds.

Bears: If we break $420 I would expect the stoploss to kick-in and a washdown to $380 to occur, and even more panick down to $350 and even a wick to $275 as the failure of the megabull cycle pattern might scare a lot of permabull
Comment: Bullish news for Bitcoin 1 hour ago. China Trading Halts again after 7.3% plunge. PBOC been devaluing the yuan vs usd. This means that Chinese will run and buy Bitcoin, Gold, Silver

WSJ article here --> https://crd.ht/FHnigyZ

My target at 440-450 got hit. Top of triangle is $450 on Bitfinex and we might push to touch it before a retest of $435 support and further up after January 15th next week. I believe the megabull cycle will take us to $650-680 at least after popping $470, $500
Trade active: We popped the top of the triangle, at this point the megabull cycle is starting early due to Chinese Yuan devaluation and crash + stock market crash. We are seeing another China to BTC 2.0 bubble.

Next tops:
$475-470
$500
$650-680

Incoming new chart soon.
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