^ $BTC bullish scenario
Broadening wedge forming a the bottom long term ascending trend line - if this market pattern completes and breaks to the upside we would see a 2.9% rise to around $49,000 initially. This should allow us to retest and break the 50k zone thereafter.
Its always good to like at both sides of the coin a bearish outlook (which
$BTC bearish scenario.
With the trend being exhausted and a lack of volume flowing into the market it is wise to consider the downside scenarios..
Currently BTC is still in our ascending channel market pattern, along as this remains we could see the bull case (previous post) play out.
If we fail to hold this level it is likely we will drop to our lower major support zone around 42k with a possible low of 41k. This can happen and the overall trend will still remain bullish. seems to be the more probable out look circulating around) will be posted below shortly.
So what do I think?
Short term, I am keeping a very close eye on the broadening wedge forming on BTC - this could be the start of a swing high and a possible higher high. In saying that technically don't look like they are supporting this narrative on the larger time frame, thus it is important we keep our minds open to both bull and bear scenarios.
Long term I still believe bitcoin is strong regardless in the short term direction. I think the ideal situation would be a break and close above 50k before we drop down and retest the 20 weeks SMA as this would confirm a higher high on the Marco chart. This is the only concern I currently have with the market. The recent 4 week move upward (although has been impressive) I don't believe has been strong enough to be confident that we will see a ''bounce' if we retest 41k-42k, ideally we would like to see one final move upward before this drop occurs.
More updates will be given as the market develops
- Whale
Broadening wedge forming a the bottom long term ascending trend line - if this market pattern completes and breaks to the upside we would see a 2.9% rise to around $49,000 initially. This should allow us to retest and break the 50k zone thereafter.
Its always good to like at both sides of the coin a bearish outlook (which
$BTC bearish scenario.
With the trend being exhausted and a lack of volume flowing into the market it is wise to consider the downside scenarios..
Currently BTC is still in our ascending channel market pattern, along as this remains we could see the bull case (previous post) play out.
If we fail to hold this level it is likely we will drop to our lower major support zone around 42k with a possible low of 41k. This can happen and the overall trend will still remain bullish. seems to be the more probable out look circulating around) will be posted below shortly.
So what do I think?
Short term, I am keeping a very close eye on the broadening wedge forming on BTC - this could be the start of a swing high and a possible higher high. In saying that technically don't look like they are supporting this narrative on the larger time frame, thus it is important we keep our minds open to both bull and bear scenarios.
Long term I still believe bitcoin is strong regardless in the short term direction. I think the ideal situation would be a break and close above 50k before we drop down and retest the 20 weeks SMA as this would confirm a higher high on the Marco chart. This is the only concern I currently have with the market. The recent 4 week move upward (although has been impressive) I don't believe has been strong enough to be confident that we will see a ''bounce' if we retest 41k-42k, ideally we would like to see one final move upward before this drop occurs.
More updates will be given as the market develops
- Whale