BITCOIN,S BULLISH CONTINUATION PATTERN SETS A 13900 TARGET IN SH
In My recent update, i was of the oppinon that Bitcoin's correction wasn't over yet, that Bitcoin is in a distribution, and that we have one more upside to go (Phase C— upthrust) before a final drop down.
I also was of the opinion that our upside target was 12k-12.6k and that a break above this level may lead us to our local top of 13900 at the 0.618 fib level.
However, the recent consolidation in price of BTC, has formed into a bullish continuation pattern (symetrical triangle) thus setting a breakout target of 13900 in short term. This means we are about to see a retest of our local top— 0.618 fib level of the macro trend.
If Price takes out the 13900 resistance and closes above the 0.618 fib level for more than 24 hours, our next targets on the upside are:
17200
20000 (ATH)
On the other hand, if we get a rejection at our local top— 0.618 fib level, our downside side targets are:
12465
11800
10800-10500
10000-9784 (0.382 fib level)
8500-8400 (0.5 fib level)
7200-7000 (0.618 fib level)
I do expect a rejection at the 0.618 fib level, as this move up on breakout will take us straight to Phase C of the wyckoff distribution (upthrust), at the top of which i expect phase D to begin thus taking us down to the completion of the correction (wave 2 of the macro trend) before Wave 3 of the macro trend begins IMO......It is also possible we get rejected at the 12465-12600 level before we start heading down.
NOTE: these are my personal opinion though, always do your own research as TA is never an exert science.
I also was of the opinion that our upside target was 12k-12.6k and that a break above this level may lead us to our local top of 13900 at the 0.618 fib level.
However, the recent consolidation in price of BTC, has formed into a bullish continuation pattern (symetrical triangle) thus setting a breakout target of 13900 in short term. This means we are about to see a retest of our local top— 0.618 fib level of the macro trend.
If Price takes out the 13900 resistance and closes above the 0.618 fib level for more than 24 hours, our next targets on the upside are:
17200
20000 (ATH)
On the other hand, if we get a rejection at our local top— 0.618 fib level, our downside side targets are:
12465
11800
10800-10500
10000-9784 (0.382 fib level)
8500-8400 (0.5 fib level)
7200-7000 (0.618 fib level)
I do expect a rejection at the 0.618 fib level, as this move up on breakout will take us straight to Phase C of the wyckoff distribution (upthrust), at the top of which i expect phase D to begin thus taking us down to the completion of the correction (wave 2 of the macro trend) before Wave 3 of the macro trend begins IMO......It is also possible we get rejected at the 12465-12600 level before we start heading down.
NOTE: these are my personal opinion though, always do your own research as TA is never an exert science.