1 month later after breaking 3000 a historic roadblock for bitcoin
We must expect a large correction before resuming uptrend.
If BTC follows similar pattern when running into wall of 3000, can expect such a correction to happen on similar timeframe at 5000?
Could BTC drop 40% similar to when it failed to break 3000?
A fall back to previous resistance of 3000 isn't out of the realm of possibility
Keep in mind those that bought at 3000 are up 60%+
Those that bought at the exact dip are up 170%+
And anyone who bought in between are up 60-170%
And it took 82 days to go from 3000 peak, break 3000 and go to 5000
Of note:
Engulfing bearish candlestick pattern on daily timeframe (which we haven't seen since hardfork)
Additional hardfork in November will interfere with this analysis
If 5000 + 5200 level is broken (cleanly!) pattern is invalid.
We must expect a large correction before resuming uptrend.
If BTC follows similar pattern when running into wall of 3000, can expect such a correction to happen on similar timeframe at 5000?
Could BTC drop 40% similar to when it failed to break 3000?
A fall back to previous resistance of 3000 isn't out of the realm of possibility
Keep in mind those that bought at 3000 are up 60%+
Those that bought at the exact dip are up 170%+
And anyone who bought in between are up 60-170%
And it took 82 days to go from 3000 peak, break 3000 and go to 5000
Of note:
Engulfing bearish candlestick pattern on daily timeframe (which we haven't seen since hardfork)
Additional hardfork in November will interfere with this analysis
If 5000 + 5200 level is broken (cleanly!) pattern is invalid.
Comment:
China banning ICOs could be catalyst to current drop
Comment:
Cannot ignore this pattern on 4hour, double bottom will mean temporary reversal. Watching base line and top of resistance cloud as confirmation
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