Hello this is D.VA.
We would like to expect the future movement based on analyzing the similar pattern in 2014.
1. Long-Term Resistance
2. Long-Term Uptrend
3. Mid-Term Uptrend
Above 3 focal trend lines overlap at the 'Core'.
In 2014, Bitcoin kept 400$, where 0.705 Fib level
and it break out the convergence to upwards reaching 644$ level (0.5 Fib Level)
and then it continued bearish movement for long.
If we assume similar pattern would be repeated,
Bitcoin will keep 6000$, where 0.705 Fib level
and it will break out the convergence to upwards reaching 10000$ level (0.5 Fib level)
and then it will continue bearish movement for long.
0.705 Fib level is frequently used from FX traders
since normal traders often use 0.618 FIB, FX traders use it to make stop-hunting.
Thank you for reading this idea.
I would be so appreciated if you click 'like' and leave some 'comment' as you like!
We would like to expect the future movement based on analyzing the similar pattern in 2014.
1. Long-Term Resistance
2. Long-Term Uptrend
3. Mid-Term Uptrend
Above 3 focal trend lines overlap at the 'Core'.
In 2014, Bitcoin kept 400$, where 0.705 Fib level
and it break out the convergence to upwards reaching 644$ level (0.5 Fib Level)
and then it continued bearish movement for long.
If we assume similar pattern would be repeated,
Bitcoin will keep 6000$, where 0.705 Fib level
and it will break out the convergence to upwards reaching 10000$ level (0.5 Fib level)
and then it will continue bearish movement for long.
0.705 Fib level is frequently used from FX traders
since normal traders often use 0.618 FIB, FX traders use it to make stop-hunting.
Thank you for reading this idea.
I would be so appreciated if you click 'like' and leave some 'comment' as you like!
1W chart: Marketcap already broke out the huge resistance making a new candle outside the falling wedge. Stochastic RSI shows bullish momentum after supports of the neck line of double bottom pattern.
Since 1D marketcap shows short-term invesrse Head and shoulder pattern, It is crucial to keep the pattern followed by keeping 195 billion dollar support. After forming the Giant H&S pattern, it can make a sudden change of the current situation breaking the resistance of the falling wedge.
In conclusion, until 6200 line breaks down, bitcoin is still bullish. Thus, we recommend you to accumulate oversold coins and bitcoin.