All our downside target have been accomplished on BTC (TP = 6,100 the latest) after yesterday's aggressive selling.
The new pattern that has emerged is a Channel Down on 1D (Highs/Lows = -594.8498, MACD = -111.900, B/BP = -1196.5418). It made a technical Lower Low on today's 5,432.0 session bottom and due to its oversold action (RSI = 20.832, STOCHRSI = 0.000, CCI = -418.3694) should look for a Lower High.
Both Lower Lows came from a -17.50% decline so we have to assume that the Lower Highs will also be symmetrical. The one at 6,900 was delivered on a 12.75% increase so if the same percentage is applied we are looking at a new Lower High at 6,125.
You are encouraged to TP = 5,900 for safety, to account for extreme fundamentals.
After that Lower High Bitcoin is most likely expected to make the final bottom before the new bull cycle.
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The new pattern that has emerged is a Channel Down on 1D (Highs/Lows = -594.8498, MACD = -111.900, B/BP = -1196.5418). It made a technical Lower Low on today's 5,432.0 session bottom and due to its oversold action (RSI = 20.832, STOCHRSI = 0.000, CCI = -418.3694) should look for a Lower High.
Both Lower Lows came from a -17.50% decline so we have to assume that the Lower Highs will also be symmetrical. The one at 6,900 was delivered on a 12.75% increase so if the same percentage is applied we are looking at a new Lower High at 6,125.
You are encouraged to TP = 5,900 for safety, to account for extreme fundamentals.
After that Lower High Bitcoin is most likely expected to make the final bottom before the new bull cycle.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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www.investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial