How are you ? What do you do in the market fluctuations ?
In these days, many people are afraid of the fall of the bitcoin and ask me what will happen ? If you remember, in my last analysis I had predicted this conditions and prices. I said before the uptrend started, price will touch the bottom of pattern.
And now with look at weekly time frame, I think we will have 2 scenario for the future.
1) In weekly time frame we have nice . If strong candle break out top of the pattern and , we can be optimistic about the future of the Bitcoin and trend reversal. After that we can estimate that the Bitcoin will go up to 10800$ level at first step and then to 15600$. I have more reason for this scenario ! Look at the retracement fibonacci. The price is close to 78.6 level and we have multi layer resistance at this zone. Crossing this area is not easy for the bears !
2) If the price fails to break the patterns we can expect bitcoin drop to the bottom of the and then get ready for uptrend. I have more reason for this scenario too :-) The candles are under Kijun Sen and Tenkan Sen on indicator. Tenkan Sen plays the role of a resistance and Kijun Sen has pull down its head and goes to the candles. In this case, until Kijun Sen reaches candles, the price may fall further to 4600$ ! So in these days, we must carefully monitor the chart. What do you think ?
Have a good and profitable trades.