red line is .5 on the fib, also a MASSIVE resistance zone. It is the previous high on the down channel. The purple strikes are a inverse H&S, be aware that if thats true, then it will most likely start to rise up to an extension zone in the 16k area. (I think this analysis is better than the current harmonics and triangle)
Reasons why for 16k? the current fib layout puts resistance at the red line and the .236 zone at 16k range. On the down side, an asymmetrical pattern, if the market decides to crash, is somewhere between 4.9 and 5.9k, I can’t find an exact number, but 4.9 is my channel bottom and has been since jan. 4th. The right purple strike is along the long term trend angle, another confirmation. On top of all that, RSI is a pinnacle point of reverse( try not to think over bought over sold) but think market exhaustion and emotion balance. The fear of ZERO is gone, partners have only been growing in the market, and past predictions from big players have been coming true. Along with all the business side, the technical side has proven pretty true over the last 2 months(jan. 4-current) fib numbers, trend lines and triangles have all been confirmed, and now a major H&S will be confirmed in the next few days/weeks. Follow the chart in the triangle to the resistance line, as long as it breaks high, then it will test that zone. One of the biggest issues that can occur is whats called a Short Squeeze, where the short positions will be covered, and volume + price will spike. If that happens expect a correction on the opposite side of that spike. All things aside, long term looks good for BTC, and as someone who has been in Bitcoin Since 2013, I have no more fear of major sell offs. The road to 50k has ensued. GOOD LUCK!
Reasons why for 16k? the current fib layout puts resistance at the red line and the .236 zone at 16k range. On the down side, an asymmetrical pattern, if the market decides to crash, is somewhere between 4.9 and 5.9k, I can’t find an exact number, but 4.9 is my channel bottom and has been since jan. 4th. The right purple strike is along the long term trend angle, another confirmation. On top of all that, RSI is a pinnacle point of reverse( try not to think over bought over sold) but think market exhaustion and emotion balance. The fear of ZERO is gone, partners have only been growing in the market, and past predictions from big players have been coming true. Along with all the business side, the technical side has proven pretty true over the last 2 months(jan. 4-current) fib numbers, trend lines and triangles have all been confirmed, and now a major H&S will be confirmed in the next few days/weeks. Follow the chart in the triangle to the resistance line, as long as it breaks high, then it will test that zone. One of the biggest issues that can occur is whats called a Short Squeeze, where the short positions will be covered, and volume + price will spike. If that happens expect a correction on the opposite side of that spike. All things aside, long term looks good for BTC, and as someone who has been in Bitcoin Since 2013, I have no more fear of major sell offs. The road to 50k has ensued. GOOD LUCK!