hope you're doing well guys! ;) In our last analysis we talked about the Equilibrium that Bitcoin was building:
We saw an amazing breakout & follow through up to the $14k region. Let's remember again where this is:
=> We haven't managed to break the Golden Fibonacci Pocket, which would've ended the bear market. Right now, per Fibonacci definition, the bear market is still intact.
But I wanna show you another chart, because this one is even more interesting:
=> This is the Monthly chart. As we can see clearly guys, we perfectly touched the candle closes from the All Time Highs at $13,760: Grandpa BTC came all the way back, if we discount the ugly wicks, which are going to the $20k region during the 2017 parabolic move.
What does it mean?
=> In the best case, the bulls will hope for a consolidation near to the neckline of $13,760: This would give the potential for a on the Monthly.
If we don't manage to close this monthly candle near to the top, we will rather have the chance for a prolonged Equilibrium,between $13,760 and $6k for at least the rest of the year.
Short term, the direction will now be decided be the strength of the bulls: We have made a huge correction from $14k down to $10,3k: The more space the bulls can make up to the upside, the stronger they will be, and the earlier the break of the $13,7k can occur.
On the other hand, if we now move into a descending pattern on the 4H chart, the chances are much more likely that we will eventually break the $10,3k to the downside. Since we have so much space currently, this action, no matter in which direction, can play out for the coming 3-4 weeks.
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because i really believe if we go under 10k btc will have no reason to resume climbing up then next long term target are 1k to 2k area, hope i am wrong. next days will tell us