We saw a bullish divergence and bitcoin approach oversold RSI on the daily, leading a small bounce from ~$7050 region to ~$7500.
Neither bear nor bull volume have been extreme, but we saw decent green volume on the bounce. I think it is good enough for a short term bull (trap.)
The blue arrows represent my likely scenario, purple lines represent unlikely, and the dark green line represents very unlikely possibilities.
The bounce has been "barting" up and down, forming a rising wedge with a target around the bounce's .618 fibonacci retracement (~$7250.)
I expect the price to bounce from this point and rise to $7800-8000. $8600-8900 is possible but as the price gets higher in that range, it becomes a game of chicken to see who can get out last.
As I've said before, I am bearish on bitcoin in a midterm perspective. I don't think we have reached a point that has frightened many people, and I believe this is to come. If the price were to go through with the very unlikely scenario, that may be my "Disbelief" stage on the Wall Street Cheat Sheet.
The head and shoulders I previously shared has a target of $5800-5900, but I can't say for certain if that will be the bottom. I don't think anyone can. But if I had to guess I think $5000 is closer to the bottom than $5800-5900
Thanks for reading
Neither bear nor bull volume have been extreme, but we saw decent green volume on the bounce. I think it is good enough for a short term bull (trap.)
The blue arrows represent my likely scenario, purple lines represent unlikely, and the dark green line represents very unlikely possibilities.
The bounce has been "barting" up and down, forming a rising wedge with a target around the bounce's .618 fibonacci retracement (~$7250.)
I expect the price to bounce from this point and rise to $7800-8000. $8600-8900 is possible but as the price gets higher in that range, it becomes a game of chicken to see who can get out last.
As I've said before, I am bearish on bitcoin in a midterm perspective. I don't think we have reached a point that has frightened many people, and I believe this is to come. If the price were to go through with the very unlikely scenario, that may be my "Disbelief" stage on the Wall Street Cheat Sheet.
The head and shoulders I previously shared has a target of $5800-5900, but I can't say for certain if that will be the bottom. I don't think anyone can. But if I had to guess I think $5000 is closer to the bottom than $5800-5900
Thanks for reading
Comment:
1st Target Reached
I believe another drop coming soon!
I believe another drop coming soon!
Comment:
Closing trade at 5770
Trade closed: target reached:
I consider this analaysis complete. Check out my new idea for more details on this current drop.
rather than my target of $7250, the .618