We see a bearish bat forming on a daily chart and we can take this as future price projection. I suspect that this pattern will surely complete once 0.382 level is reclaimed.
To add confluence to this analysis, Weekly oscillators are pretty much flipping bullish.
Another confluence is that on 12H chart we see a possible golden cross happening in coming days (Golden cross occurs when 50 days moving average crosses above 200 days moving average) Last time this occurred on 12th august 2021 and price made ATH $69k.
I am biased bullish, Lately I was biased bearish since before November. Capitulation doesn't seem to be happening and it seems that cycle is changing i.e., No more 4 year cycles.
Bearish Scenario : If price goes below $38K level ONLY then it will be total bloodshed.
To add confluence to this analysis, Weekly oscillators are pretty much flipping bullish.
Another confluence is that on 12H chart we see a possible golden cross happening in coming days (Golden cross occurs when 50 days moving average crosses above 200 days moving average) Last time this occurred on 12th august 2021 and price made ATH $69k.
I am biased bullish, Lately I was biased bearish since before November. Capitulation doesn't seem to be happening and it seems that cycle is changing i.e., No more 4 year cycles.
Bearish Scenario : If price goes below $38K level ONLY then it will be total bloodshed.
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