There Is A War Right Now Between The Bulls & Bears & Trading BTC Hasn't Been Plain Sailing Recently, With Small % Gains I Feel Most Traders Are Looking Towards The Alts For Better Gains.
Here Is A Bigger Picture And I've Found Some Patterns That Shouldn't Be Ignored, And Word On The Street Is BTC Will Repeat The Last 2 Fractal Patterns Which Would Make It Hit The Top of The Trend Line At The Late 8k's My View on This Idea Is When Everyone Is Expecting Something To Happen In A Market You Can Put The Odds of It Happening Down Significantly, Consensus Was A Great Example of That.
I Have Drawn A Potential Inverted Cup & Handle Forming, And In Yellow We Have A Bear Flag Forming & Thats A Pretty Big Bear Flag to, On the Daily Time Frame, These Are Both Bearish Patterns That Could Play Out & Send Bitcoin Back To Test Its Lower Supports, Bulls Want to see These Patterns Made Void By BTC Breaking Above 8k Area & Pushing Higher Towards The Higher Trend Line.
But For Now We Are In A Difficult Zone & These Patterns are Worth Writing on Your Trading Notes.
My Bias Is That Short Term We Will See A Test Of The 7800-8k Area But I Hold Low Expectations That It Will Break It And Hit The Top Of The Trend Line, If BTC Gets Rejected In The Resistance Zone I Will Be Looking At 7350-7400 To be The Last Line Of Defence For The Bulls Before The Short Term Reversal Trend Is Broken And We Retest Lower Support.
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This Is Not Financial Advice
Here Is A Bigger Picture And I've Found Some Patterns That Shouldn't Be Ignored, And Word On The Street Is BTC Will Repeat The Last 2 Fractal Patterns Which Would Make It Hit The Top of The Trend Line At The Late 8k's My View on This Idea Is When Everyone Is Expecting Something To Happen In A Market You Can Put The Odds of It Happening Down Significantly, Consensus Was A Great Example of That.
I Have Drawn A Potential Inverted Cup & Handle Forming, And In Yellow We Have A Bear Flag Forming & Thats A Pretty Big Bear Flag to, On the Daily Time Frame, These Are Both Bearish Patterns That Could Play Out & Send Bitcoin Back To Test Its Lower Supports, Bulls Want to see These Patterns Made Void By BTC Breaking Above 8k Area & Pushing Higher Towards The Higher Trend Line.
But For Now We Are In A Difficult Zone & These Patterns are Worth Writing on Your Trading Notes.
My Bias Is That Short Term We Will See A Test Of The 7800-8k Area But I Hold Low Expectations That It Will Break It And Hit The Top Of The Trend Line, If BTC Gets Rejected In The Resistance Zone I Will Be Looking At 7350-7400 To be The Last Line Of Defence For The Bulls Before The Short Term Reversal Trend Is Broken And We Retest Lower Support.
Follow For More Updates
This Is Not Financial Advice