To keep everyone happy i decided to chart both sides
Bullish outlook: harmonic comes with a bullish pattern with the last bottom tested at 3.8k also a support line from previous low at 3.660on nov 25th. target would be 6k but that will be with a big IF it has many resistances to go trough .
Bearish outlook: elliot waves shows an ABC wave with as subwaves 5-3-5 drawed in this chart. subwave 3 shown as a a smaller abc wave and if this elliot wave is valid it should test the 4.4k. Bottom of main C wave at 2900 is supported by the ema 200 weekly and is historicaly multiple times tested and followed by a bullish period . the odds of this being the mid to long term bottom is great.
General view: Bitcoin right now sits in a channel between a newly formed support line and a previously long term support channel that became a resistance on nov 22th wich also could become a pennant. as stated above there are difirent views of how this may play out . and i wouldnt suprise there would be more alternative idea's, but from what i can see.
However both ideas show that in the short term we will test the 4.4k resistance, from there its crucial to see what is going to happen next, a break would greatly increase the odds of harmonic idea playing out,. If it does not break we will see either the bearish idea playing out or a pennant continues to form in this zone.
Thanks for reading and if this chart was informative be sure to give it a like and follow me for future idea's
Have a good day!
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short term view target 1 4.000 (green resistance line that is connected to the downtrend channel that been formed the past weeks, breaking that would lead to my second target thats sitting at 4.400 (purple resistance) this resistance is known previously as a support line that holded for a year and now became a resistance. failing to break any of these targets will result in a retest of the purple support line curently sitting at a price of 3800
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potential inversed h&s keep an eye on the resistance line
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The market is at a stage that some indicators are being ignored, (for example daily rsi) one of the most known indicator people use to gues where the bottom would be, the sentimaent is in such stage that catipulation is likely or already at play. meaning that parabolic movements decides the market and using indicators as a strategy may not work during this periods, however aside from the current idea i think we could see a classic V shaped crash as an outcome to our target between 2.8 and 3.2k keep in mind im not saying it will happen but i am just showing you guys what the possabilities are and that such an idea is based on tracking back bitcoins movements, this v shape crash happenjd in 2011 and in 2014 aswell, so it cannot be ruled out
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everything dropped much faster then my idea originaly pointed to but the target stays thesame i think we still need 1 legg more down
@hjschaap, im not interested in cheap advertisement, you can share ur shizzle with others but not on other posts, thank you.
Will_Wortel
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@NGenetics, I think people are not interested in Bull TA's in this big bearish market. Nobody is really fair about this new bearish reality. It will takes years, not months.
Have a good day!
Crypto-Jay-K
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Thanks for takimg time out to give us a clear understanding of what we could expect.