Bitcoin Looks Like Breakdown From 6000 in Opposite Direction
Looking at the breakdown from 6000, we can see that there was a sharp drop, and then a consolidation. The first three candles are marked as "Candle A," "Candle B," and "Candle C." As you can see, candle A was huge, and had a long lower wick. Then, candle B formed an even lower wick, but in the form of a hammer candle. Candle C then resumed the sideways consolidation pattern.
Looking at the current price action, we can see that it is pretty much the exact same thing so far, just in the opposite direction. Candle A is huge, and it has a long upper wick, similar to the long lower wick on the red A candle. Then, candle B produced an even taller wick, and it closed in the form of a hammer, just like the first B candle. Now, the current C candle appears to be continuing with the sideways consolidation. So, this is very similar to what we saw on the breakdown from 6000. So, if price maintains these similarities, I could see another explosive rise, that catapults Bitcoin into the major overhead resistance zone.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
Looking at the current price action, we can see that it is pretty much the exact same thing so far, just in the opposite direction. Candle A is huge, and it has a long upper wick, similar to the long lower wick on the red A candle. Then, candle B produced an even taller wick, and it closed in the form of a hammer, just like the first B candle. Now, the current C candle appears to be continuing with the sideways consolidation. So, this is very similar to what we saw on the breakdown from 6000. So, if price maintains these similarities, I could see another explosive rise, that catapults Bitcoin into the major overhead resistance zone.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-