cedricpark
Long

Bitcoin possible long rally to 8.6k

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi,

it seems that I first need to make a correction on my previous analysis. I did get it right that there would be a downfall - it's just that the bullish whales would not let the price drop any further down! Bitcoin only went as low as 7.82k, which was quite surprising given the H&S pattern and the breakdown of the bearish flag . We've seen a bounce with a rather unexpected bear trap.

So, with that it mind, it seems that it is getting harder and harder to predict the movement of BTC . Flags, patterns, they all seem to be meaningless in the face of a bullish whale. But patterns do give some predictability as well as back-up plans in case things don't go the way that we (and I) predict.

So this is my new analysis. I think we have successfully invalidated H&S pattern while managing to create an inverse H&S . To project how high BTC might go up, I have also drawn an elliott wave . For this new pattern to be invalidated, we need to go as low as 7.9k (for the inverse H&S ) and 7.8k (for the elliott wave ). I see those levels highly unlikely, but who knows? A confirmed breakdown would be a technical sell point.

Given the dwindling strength of bears and the increasing ferocity of bulls, I would expect the market to go even higher (I have been bullish about the market ever since the breakout of 6.9k). But to be safe, take some profit in as we encounter EMA1200 and the attempt to breakthrough the long-term downtrend line. That would be around 8.5k.

Good luck and thanks for reading my analysis.
Trade active
Trade active: Be careful though, the last volume was very insignificant.
Comment: Best if you set a tight SL.
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