Could we see this pattern forming for BTC?
Larger Bullish Butterfly pattern forming over the past 14 days.
Completion of the pattern would take us to 1.272 (29k) or 1.618 (26k) Fib Levels. We may still go sideways for a bit before it reaches bottom.
Looking at the RSI it also broke bearish and slope is down.
Selling pressure is high. Again a break below 30k would probably set off a cascade of sell offs, so 26k isn't out of the realm of possibility. Would also align with the break out predicted by the bear pennant.
I expect at least some rally to follow. Still a strong down trend so go long at your own risk.
Let me know what you think.
Larger Bullish Butterfly pattern forming over the past 14 days.
Completion of the pattern would take us to 1.272 (29k) or 1.618 (26k) Fib Levels. We may still go sideways for a bit before it reaches bottom.
Looking at the RSI it also broke bearish and slope is down.
Selling pressure is high. Again a break below 30k would probably set off a cascade of sell offs, so 26k isn't out of the realm of possibility. Would also align with the break out predicted by the bear pennant.
I expect at least some rally to follow. Still a strong down trend so go long at your own risk.
Let me know what you think.
