BTC Update [8-20-21] - BULLISH - Approaching Decision Area
Bitcoin is approaching this DECISION AREA .
THREE possible scenarios when it reaches this area...
(1) It shoots right through this range and takes off like a rocket ship.
(2) It immediately rejects in this area and we get a correction back towards either the trend line or the Moving Averages. If this happened, it would likely just be a dip before the next leg up to new Highs.
(3) It stalls here for a while, then 1 or 2 plays out. I don't believe there should be much trouble making it up to this area. Just want to see what happens once it reaches it. Will be watching like a hawk and will update as things unfold.
THREE possible scenarios when it reaches this area...
(1) It shoots right through this range and takes off like a rocket ship.
(2) It immediately rejects in this area and we get a correction back towards either the trend line or the Moving Averages. If this happened, it would likely just be a dip before the next leg up to new Highs.
(3) It stalls here for a while, then 1 or 2 plays out. I don't believe there should be much trouble making it up to this area. Just want to see what happens once it reaches it. Will be watching like a hawk and will update as things unfold.
Comment:
Looks like it's hitting the lower trend line. Possible move back UP from here.
Comment:
After barely reaching the Decision Area, it looks like Scenario 2 is playing out. If it's a real strong correction, I can see it coming all the way back to the 38,000 - 42,000 area before continuing up again.
However, if BTC retains it's strength that has gotten it to this point, then 45,000 - 47,500 is the lowest I see it coming down to before continuing back up. Will be watching...
However, if BTC retains it's strength that has gotten it to this point, then 45,000 - 47,500 is the lowest I see it coming down to before continuing back up. Will be watching...