Looks like Bitcoin sellers are done for a few days.
We could go up to $14.3k before BTC must make a decision. At this point, if the bulls have enough strength, we break out of the channel and continue up to my targets outline here and in previous posts.
Target #1 - @20k
Target #2 - @28k
Or ...we continue down. If we go down, the 200MA will move up and over to meet us at the bottom of my channel where the bottom of the channel and the 200MA will intersect. This will be huge support and should be enough of a correction at that point to get our bulls back in the game. I expect this intersection to take place (if we do go down from 14.3k) in about 2 weeks or so at around $7.4-7.5k.
Let's all watch and see how BTC decides to try to surprise us this time around. Lol.
Happy trading friends.
Bitcoin is following the patter thus far as predicted. We are now running up against strong resistance (see RSI chart) which also coincides with .5 fib retracement at $12.6k. Today we will see if the bulls can conquer this hurdle.
If they do, we are likely to me more major resistance at $14.3k (.618 fib retracement). Should we cross this boundary and confirm on the daily, we will fly upwards to our targets. If we fail, we are likely to see $7.5k before proceeding upwards in rapid ascent.
Happy trading friends and good luck.
Greetings my friends. The bulls did not even have enough strength to push us over our 12.6k resistance. Sissies they are. Needless to say, this help to create a new pattern, a descending wedge (purple). Once again, the end result and final point of the wedge is around 7.5k. Looks like by the time our 200ma moves up and intersect with the wedge, the channel, and another significant trendline, it will be at around 8k.
Unless there is good news from South Korea, this seems to be where we are headed. I am starting to believe this more and more.
Good luck traders. Don't forget to manage those risk wisely. Use safe trading practices. Never go all in or all out at once. Cast your buy and sell ladders. And for God's sakes, diversify. Bitcoin is not the end all be all. It only leads the market now because it's all the noobs know and can understand. IMO, there are superior blockchain technologies out there. Do your research and support them too!
If the head and shoulders pattern is legit, we drop to 5-6k