I have been following BTC for roughly a year and have witnessed and personally held multiple positions during it's boom and even briefly held around the ATH at 18.3k before selling. When it comes to Tech Analysis I'm new and not seasoned like many of the other pros you will find around here, but despite this, I want to share my idea, hear out any criticism and learn from it. I believe what we are seeing is a possible elliot wave formation / correction to 7k, after which BTC will stabilize and stop falling.
As you can see from chart, my trends are taken from previous trends that could have happened during the BTC breakout over the last 6 months. I also take into account the H&S pattern and along with the EMA overhead resistance to account for the likely down trend.
1) The other bounces back up are based on a straight projection line from the beginning of the H&S formation and move through the beginning of all the recent trends upwards before failing to pass the heavy resistance overhead.
2) The 7K range because all trend lines line up nicely pointing to this area as the likely scenario if BTC had continued along any of the other growth trends.
3) According to the FIB Levels, Support zone at around 5.8K, and if the true BTC trend is any of the other trends within the last 6 months, then 7k should be it.
I just want to condone that this is not financial advise in anyway and purely for my entertainment. I also invite everyone to please comment and discuss any flaws you may have found or anything that reinforces what I had posted.
Thank you everyone,
I apologize in advance if I had made an mistakes in presenting or drawing my analysis.
As you can see from chart, my trends are taken from previous trends that could have happened during the BTC breakout over the last 6 months. I also take into account the H&S pattern and along with the EMA overhead resistance to account for the likely down trend.
1) The other bounces back up are based on a straight projection line from the beginning of the H&S formation and move through the beginning of all the recent trends upwards before failing to pass the heavy resistance overhead.
2) The 7K range because all trend lines line up nicely pointing to this area as the likely scenario if BTC had continued along any of the other growth trends.
3) According to the FIB Levels, Support zone at around 5.8K, and if the true BTC trend is any of the other trends within the last 6 months, then 7k should be it.
I just want to condone that this is not financial advise in anyway and purely for my entertainment. I also invite everyone to please comment and discuss any flaws you may have found or anything that reinforces what I had posted.
Thank you everyone,
I apologize in advance if I had made an mistakes in presenting or drawing my analysis.