Bitcoin finally hit the upper resistance line 55988k on this chart. Which I was talking about. So the question now is are we going to break the resistance line or is bitcoin going to close this candle around 50970?.
Well if you have been following my post, I said bitcoin is following a fractal pattern of 2013 bull cycle top. But If you are just viewing this post you can check my previous two other post I posted before this and you will understand what I am talking about.
So let take a look at the 2013 bull cycle top, as you can see from the arrow the price also hit the top line resistance in 2013 but it couldn’t break above that resistance line which makes the price to dropped another 8.6 percent from that resistance line and we closed that candle as a Doji candle. So what does this mean? it means that there is a chance we may close this candle around 50970 if bitcoin fails to break that upper resistance line. If this happens it could be bad for the bulls because the next candle could turnout to be red candle and it could go down to 36000.
We have 20 days left to close this current candle so pay attention to the fact on the chart and ignore the outside noise.
Please don’t get me wrong, it doesn’t mean in supper bearish because I know a lot of traders and investors don’t like bearish analysis,
I’m only stating the fact on the chart and if I see any change on the chart I will definitely change my bearish bias but for now the chart is still playing out as expected so I’m still sticking to it for now.
Well if you have been following my post, I said bitcoin is following a fractal pattern of 2013 bull cycle top. But If you are just viewing this post you can check my previous two other post I posted before this and you will understand what I am talking about.
So let take a look at the 2013 bull cycle top, as you can see from the arrow the price also hit the top line resistance in 2013 but it couldn’t break above that resistance line which makes the price to dropped another 8.6 percent from that resistance line and we closed that candle as a Doji candle. So what does this mean? it means that there is a chance we may close this candle around 50970 if bitcoin fails to break that upper resistance line. If this happens it could be bad for the bulls because the next candle could turnout to be red candle and it could go down to 36000.
We have 20 days left to close this current candle so pay attention to the fact on the chart and ignore the outside noise.
Please don’t get me wrong, it doesn’t mean in supper bearish because I know a lot of traders and investors don’t like bearish analysis,
I’m only stating the fact on the chart and if I see any change on the chart I will definitely change my bearish bias but for now the chart is still playing out as expected so I’m still sticking to it for now.