As promised in the recent analysis of LINK, I’m going to take a look at BTC , this time on the long term and the inverse from late 2018. LINK is currently looking AMAZING, and you can find the analysis here:
When we lost the 6k level, we’ve been forming a for a while with decreasing all the way to the end before it cracked through the bottom of the as shown on the chart. Currently, we have indications of BTC forming the inverse pattern we saw when we lost 6k. We are making an . This time we are creating another smaller within the big one, putting even more pressure on the flat-top. By recalculating a little bit on my charts and pinning reference points on the rays a little differently, we are still close to, but not broken out of the long blue trend we’ve held for many, many months. A break above this one would be a step in the right direction for BTC and indicate EOY prices between $6k and $10k.
But it’s not important to forget the reality, which is we’re still at 4k. On my previous analysis I posted a bear-neutral idea of BTC’s scenario of dropping to $3650 to fill more longs for bulls before they push through. Even though that idea and scenario is still active and probably, the odds of it happening is getting lower for each day as we hold the triangles and try to push above 4k.
With that said, BTC is actually looking really good right now with both of these ascending triangles being respected, and BTC touching the blue trend. If we break DOWN from the , I do not expect a drop like the one we had from 6k. I would more expect a $3150, although I wish that for happening later this year in Q3 to ensure the timespan of the is long enough for it to withstand the substantial weight of the bears. I would also like the “neck” of the W to be higher, preferably around 5k to make it a strong one.
This chart will keep updating itself, so check back in to see how it’s respecting the trends and triangles whenever you’d like. Make sure to like the chart and follow to get notification when I’m publishing new charts. I will post a short-term analysis tomorrow evening.
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