$BTC - Bitcoin holding critical levels!
This is a very critical level for Bitcoin. Holding above the range highs like this would be considered a checkback, and if successful, would be considered a major breakout.
Ive attached a pattern studied by Thomas Bulkowski. The right angled and descending broadening wedge. This is another confluence with the idea of bitcoin going much higher into retracement levels. The measured move of this pattern would be around the .618. Similar instances of this pattern have played out in this market and thats where they have been getting major reactions.
Ive detailed this same zone in another chart using the Cypher tool which would be the .786 extension of the Cypher pattern.
The first zone i would expect to reach next is about 28k to fill the CME gap, and its also the 1.618 extension of our current range on lower time frames. Using historical correlation between zones, we may go into the lowe 30k's where ive placed that green dot. This is an area of price imbalance, represented by the long upper wick on the candle stick formation.
To me, this would imply that its an area short sellers setup and a likely target if we do continue up here.
You can also see confluence in these targets on the volume profile. Low volume in and around these targets with shelfs above and below.
I added a couple vertical markers as a general lead for the time frame leading into the expansion phase. Not really meant to be hard targets but i think this next phase should lead up to May and the final phase of 3, into August. My gut would make me wonder if we find a local top by may, and retrace into august, but thats just me thinking out loud.
Ive attached a pattern studied by Thomas Bulkowski. The right angled and descending broadening wedge. This is another confluence with the idea of bitcoin going much higher into retracement levels. The measured move of this pattern would be around the .618. Similar instances of this pattern have played out in this market and thats where they have been getting major reactions.
Ive detailed this same zone in another chart using the Cypher tool which would be the .786 extension of the Cypher pattern.
The first zone i would expect to reach next is about 28k to fill the CME gap, and its also the 1.618 extension of our current range on lower time frames. Using historical correlation between zones, we may go into the lowe 30k's where ive placed that green dot. This is an area of price imbalance, represented by the long upper wick on the candle stick formation.
To me, this would imply that its an area short sellers setup and a likely target if we do continue up here.
You can also see confluence in these targets on the volume profile. Low volume in and around these targets with shelfs above and below.
I added a couple vertical markers as a general lead for the time frame leading into the expansion phase. Not really meant to be hard targets but i think this next phase should lead up to May and the final phase of 3, into August. My gut would make me wonder if we find a local top by may, and retrace into august, but thats just me thinking out loud.