BTC continues to hold its lows as bulls show themselves when price action reaches the bottom most trendline I have drawn in here. While this is currently seen as violent but 'healthy' consolidation in my eyes, there are a couple things to be aware of..
1. The major head and shoulders on the long frame is still in play. This will be a concern until BTC can get a 4 hour close above the 18k area with good volume.
2. If this gigantic head and shoulders is confirmed (with a 2 hour close below the bottom most trend line) then a measured move would take us down to about 8k area.. which happens to line up with a major support line.
On the other hand, if this current trend plays out as healthy consolidation and leads us to above the 18k area then I don't see much resistance stopping BTC up to the former all time high, a fib extension would say that the next major topping move would take us around 25 to 28k area.
All values are ballpark estimates. Not financial advice, just sharing my thoughts here. Happy Friday!
1. The major head and shoulders on the long frame is still in play. This will be a concern until BTC can get a 4 hour close above the 18k area with good volume.
2. If this gigantic head and shoulders is confirmed (with a 2 hour close below the bottom most trend line) then a measured move would take us down to about 8k area.. which happens to line up with a major support line.
On the other hand, if this current trend plays out as healthy consolidation and leads us to above the 18k area then I don't see much resistance stopping BTC up to the former all time high, a fib extension would say that the next major topping move would take us around 25 to 28k area.
All values are ballpark estimates. Not financial advice, just sharing my thoughts here. Happy Friday!