Bitcoin 4-6 day target - $8885 - Short

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar

Well, Bitcoin has been actually making me look good the last several weeks. Projected pattern has been followed EXACTLY as expected thus far. You will find the related link of my previous post below but let me summarize it quickly for you:

- Inverse H&S was spotted by the masses on tradingview, but I remained skeptical that these bulls would have the strength to carry through as projected.

Reason: Low volume on the right shoulder.

- As expected though, the bulls did carry us up to the first neckline where it stalled out for a couple of days.

- After that, it was able to push through, it stalled again for another two days at the top of my BLUE downtrend channel .

- Finally, it broke through for one day, touched the second neckline in RED, and tapped out.

- BTC then came back into the longer 2.5 month descending BLUE channel as predicted.

- The bears broke back under the intersection of the first neckline with the .382 fib retracement leven and rested on the bottom of a longtime ascending channel I have drawn out in BLACK.

- This too, has not been enough to hold these bears back, and so here we are today.

- We are now back under major support which now repurposes as bullish overhead resistance. Given how weak these bulls have looked the past several days, I expect the bears to win this battle and take us all the way back down to a trisection in my chart. This is the area where the 200 day moving average intersects with the top of another PINK ascending channel AND our .236 fib retracement level.

I expect that once we reach our target area, there will be another big bull bounce. I'll have to look at the volume again, but I anticipate that price, time, and pattern will all align. This may finally give the bulls the opportunity they are looking for to break through all of this tremendous overhead resistance! Again, volume must confirm once the target is reached and I will reanalyze again at this point.

If the bulls don't find strength in the target area, it is possible we'll retest our low of $6000 or even head back down to touch the bottom of my blue channel at $2000-$4000! Although this latter scenario remains least likely, it still is within the realm of possibility according to my charts and I would be remiss not to at least make mention of it.

Happy trading friends!
Mar 08
Entering projected target area. Buy orders can begin now.
Agree a lot with this. Thank god not everyone is a bulltard on TV.
Mister Phil, spot on!
@justDave, well not yet but getting there. Thanks for the comment.
Really like your analysis! Not bull biased. I also agree with same targets. Cheers !
@lrs1995, Thank you for the feedback. Cheers!
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