Looking at the current price action, overall, we can see BTC is currently bullish and within an ascending triangle.
After breaking previous ATHs, price was vulnerable for a pullback, thus forming a W pattern. I had previously shared an idea suggesting this pullback however, I was expecting it 1 candle earlier which would have been a different harmonic pattern.
Price has retraced to the 61% area, which is also the nose of the W and coincidentally around the bottom TL within the channel. All suggesting a reversal, from which we have had good bullish volume. From here I expect price to naturally have a short pullback to find support at 38% then find resistance at the 23% Fib level which is not shown on the chart for ease of view.
In my opinion, now would be a good time to accumulate some BTC or diversify on your favorite ALTs because you never know which ones will go parabolic whenever BTC starts the high volume leg up we are waiting for.
Let me know your thoughts in the comments. Previous Analyses linked and posted.
After breaking previous ATHs, price was vulnerable for a pullback, thus forming a W pattern. I had previously shared an idea suggesting this pullback however, I was expecting it 1 candle earlier which would have been a different harmonic pattern.
Price has retraced to the 61% area, which is also the nose of the W and coincidentally around the bottom TL within the channel. All suggesting a reversal, from which we have had good bullish volume. From here I expect price to naturally have a short pullback to find support at 38% then find resistance at the 23% Fib level which is not shown on the chart for ease of view.
In my opinion, now would be a good time to accumulate some BTC or diversify on your favorite ALTs because you never know which ones will go parabolic whenever BTC starts the high volume leg up we are waiting for.
Let me know your thoughts in the comments. Previous Analyses linked and posted.
Comment:
Previous Analysis anticipating the drop.
Comment:
Broken out of descending channel. Just need the close and retest.
These analyses are my personal view on the market.
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
