Good day, traders! Let me get straight to the point. Bitcoin is in grave danger. What I am about to tell you is NOT A PREDICTION. I don't do predictions, I leave that to the 8 BALL. However, the information that I am about to SHARE is not something that you want to ignore, especially if you hold some Bitcoin. Even if you don't have any Bitcoin right now, the chart that I have in this forecast might reveal to you a good price level to buy Bitcoin. Alright, without further ado, let's get started!
For those who have been FOLLOWING me, you might have seen the BTC chart I posted yesterday titled "BITCOIN - Know Your Zones & When To Buy and Sell". If you haven't, I suggest you check it out right away as I am sure you will find it worth your while. That is another good chart that tells you exactly how bullish or bearish is Bitcoin in months to come.
Anyway, the reason I brought up yesterday's chart is because in that chart, you will see that I have drawn out an AB=CD pattern. For those of you who are new to trading, an AB=CD pattern is an extremely BEARISH pattern. When we see an asset with a chart that resembles the AB=CD pattern, the market is basically WARNING you of a potentially huge drop in price. If you want to learn more about AB=CD pattern, just google it. Let's get back to Bitcoin. In my yesterday's Bitcoin chart, which is a WEEKLY CHART by the way (not hourly or daily), we can see that Bitcoin has clearly developed an AB=CD pattern. What we want or hope to see from Bitcoin right now is to make a new high so that the AB=CD pattern gets invalidated and we can sit back and all reap more profits. BUT!!! If the Bitcoin price continues to drop below $16,000 in the coming days, then we are likely to see a deeper correction.
So what is THE DEATH BAT and what does it have to do with Bitcoin? The Death Bat is one of the many Harmonics pattern that traders often use to identify upcoming major moves in a market. THE DEATH BAT itself is better known as the BEARISH BAT and as the name implies, it is an extremely BEARISH SIGN, especially when you see one in a WEEKLY CHART as opposed to a lower time frame chart like the hourly chart. For you to get a better idea of The Death Bat, let me show you this recent MICROSOFT chart. We can see that the MSFT price made a substantial drop of 62% from the top, right after THE DEATH BAT formation.
MICROSOFT Chart:
Now l want you to see the Bitcoin Chart again:
Notice the similarities? For all we know, Bitcoin might end up differently and I hope that it does because what I want is just the same as what you want and that is to see Bitcoin move up to $100K by next year. That said, we should also not just follow the herd mentality because charts don't lie. Even if we see a 62% pullback from Bitcoin, it does not mean that Bitcoin won't make it to $100K because that is inevitable. However, if you are someone with a highly leveraged long position in Bitcoin, then you should weigh in all the potential risks.
Keep in mind that we still have an UNFILLED GAP at $9600 in the Bitcoin Futures market so I would not be surprised if Bitcoin makes a 62% pullback from current levels just to close that gap before resuming uptrend because it is absolutely reasonable and probable if we are to see Bitcoin making further highs.
For those who have been FOLLOWING me, you might have seen the BTC chart I posted yesterday titled "BITCOIN - Know Your Zones & When To Buy and Sell". If you haven't, I suggest you check it out right away as I am sure you will find it worth your while. That is another good chart that tells you exactly how bullish or bearish is Bitcoin in months to come.
Anyway, the reason I brought up yesterday's chart is because in that chart, you will see that I have drawn out an AB=CD pattern. For those of you who are new to trading, an AB=CD pattern is an extremely BEARISH pattern. When we see an asset with a chart that resembles the AB=CD pattern, the market is basically WARNING you of a potentially huge drop in price. If you want to learn more about AB=CD pattern, just google it. Let's get back to Bitcoin. In my yesterday's Bitcoin chart, which is a WEEKLY CHART by the way (not hourly or daily), we can see that Bitcoin has clearly developed an AB=CD pattern. What we want or hope to see from Bitcoin right now is to make a new high so that the AB=CD pattern gets invalidated and we can sit back and all reap more profits. BUT!!! If the Bitcoin price continues to drop below $16,000 in the coming days, then we are likely to see a deeper correction.
So what is THE DEATH BAT and what does it have to do with Bitcoin? The Death Bat is one of the many Harmonics pattern that traders often use to identify upcoming major moves in a market. THE DEATH BAT itself is better known as the BEARISH BAT and as the name implies, it is an extremely BEARISH SIGN, especially when you see one in a WEEKLY CHART as opposed to a lower time frame chart like the hourly chart. For you to get a better idea of The Death Bat, let me show you this recent MICROSOFT chart. We can see that the MSFT price made a substantial drop of 62% from the top, right after THE DEATH BAT formation.
MICROSOFT Chart:
Now l want you to see the Bitcoin Chart again:
Notice the similarities? For all we know, Bitcoin might end up differently and I hope that it does because what I want is just the same as what you want and that is to see Bitcoin move up to $100K by next year. That said, we should also not just follow the herd mentality because charts don't lie. Even if we see a 62% pullback from Bitcoin, it does not mean that Bitcoin won't make it to $100K because that is inevitable. However, if you are someone with a highly leveraged long position in Bitcoin, then you should weigh in all the potential risks.
Keep in mind that we still have an UNFILLED GAP at $9600 in the Bitcoin Futures market so I would not be surprised if Bitcoin makes a 62% pullback from current levels just to close that gap before resuming uptrend because it is absolutely reasonable and probable if we are to see Bitcoin making further highs.
