Hello folks ... interesting times.
I have to admit, the fact that we did not crack 7k (yet) threw me off a little. The Bart Simpson pattern which was created prior to the bottom at 7040 made it very difficult to count waves. It does seem we completed an ABC from 10k down to 7k. It also seems to be that we are in recovery mode.
But let's be honest ... the entire climate is still bearish ... it doesn't take much of a drop to have mostly everyone predicting we are going to 5k soon!
I have my predictions going out, but we'll take it one step at a time.
Based on what I am seeing, I'd say the highest probability is BTC will test one of the old all time high trend lines, at around 7800 to 7900. At that stage it is hard to predict whether it will drop back hard, or after a smaller correction, make its way up again even higher ... possibly to test the top of the triangle (maybe). The gold lines show the projected path, which will definitely require adjustment as data comes in!
So likely 7800 is the key level to watch.
However, be on guard ... we are due for a correction soon. It shouldn't be a major one ... but just some consolidation to enable BTC to carry on to 7800. However, it is possible that a drop to the 7250 ... 7300 level ... which is definitely in normal correction range ... that could set-off a retest of the 7k bottom.
So taking it one step at a time ... a correction is due soon. If it holds up above 7250/7300, then likely we would continue to 7800. If it breaks down here ... we could go deep, even well past 7k. 7250/7300 and 7800/7900 are the key levels over the next day or two. Be sure to keep an eye on them. The red arrows I show are where there is a highest chance of going back down to test bottom over the next few days, in my humble opinion.
Remember only a fool relies on one potential scenario.
Do not use this information for financial decisions. For educational purposes only!
I have to admit, the fact that we did not crack 7k (yet) threw me off a little. The Bart Simpson pattern which was created prior to the bottom at 7040 made it very difficult to count waves. It does seem we completed an ABC from 10k down to 7k. It also seems to be that we are in recovery mode.
But let's be honest ... the entire climate is still bearish ... it doesn't take much of a drop to have mostly everyone predicting we are going to 5k soon!
I have my predictions going out, but we'll take it one step at a time.
Based on what I am seeing, I'd say the highest probability is BTC will test one of the old all time high trend lines, at around 7800 to 7900. At that stage it is hard to predict whether it will drop back hard, or after a smaller correction, make its way up again even higher ... possibly to test the top of the triangle (maybe). The gold lines show the projected path, which will definitely require adjustment as data comes in!
So likely 7800 is the key level to watch.
However, be on guard ... we are due for a correction soon. It shouldn't be a major one ... but just some consolidation to enable BTC to carry on to 7800. However, it is possible that a drop to the 7250 ... 7300 level ... which is definitely in normal correction range ... that could set-off a retest of the 7k bottom.
So taking it one step at a time ... a correction is due soon. If it holds up above 7250/7300, then likely we would continue to 7800. If it breaks down here ... we could go deep, even well past 7k. 7250/7300 and 7800/7900 are the key levels over the next day or two. Be sure to keep an eye on them. The red arrows I show are where there is a highest chance of going back down to test bottom over the next few days, in my humble opinion.
Remember only a fool relies on one potential scenario.
Do not use this information for financial decisions. For educational purposes only!