Cryptorphic

BTC/USD Bull and Bear Scenario Explained $16800 Soon

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hello guys Thanks a lot for all the likes and Follows.
Let's get to the chart.
BTC is still trading inside a rising wedge which is a bearish pattern
Although we have bullish signals like: Golden Cross.
And as per my last updates BTC retraces for about 10 to 13% after Golden Cross before the continuation of the uptrend.
Although This charts says it all Let me break it into both Scenarios:

BEARISH SCENARIO: If BTC Retraces back to the green line it will form a Head and Shoulder pattern at the top which is bearish . We already have Bearish Engulfing Candlestick pattern at the top which is bearish pattern . So if the neckline of the H&S which is about to form breaks. We can see pullbacks to the 7980 to 8540 range. Yes it's there in the chart. Longer it takes to form the pattern, Lesser in size will be pullback respecting the black long term support line at the bottom.

BULLISH SCENARIO: Just as I said after the retrace if the chart respects the Golden crossover and historical price action we an see a trend continuation and break above the Upper Resistance levels eventually reaching our Prior Halving Targets around $16800. In the short run $11350.

So in a nutshell:
Support:
$9270
$8900
$8500
$7980

Resistance : 10200 10400

So you've got the plan. If the price breaks below 8900 in Daily and closes below it I'll hedge a large portion of my portfolio to buy back lower. Break and close above 10200 means jump back.!!!

IMO YOU CAN JUST HOLD YOUR BTC FOR GOOD. IT's JUST 80 days left for the Halving.

If this Idea makes sense to you please hit that like button and also share your views in the comment section.
Comment: ON Track.
If the green trendline doesn't act as a support then breakdown is likely.
Comment: I don't like saying this. It's hard time for the bulls.
I still think we could go down to 8K soon.

Comments

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