This is the 3 days time frame which is longer than the daily but shorter than the weekly time frame. However, this time frame is giving us a bigger picture to analyze the bigger trend that is happening in the market. Bigger picture means more valid bias because it will minimalize the risk of manipulation in the market.
First thing is about the trust measurement which is one of my favorite method to identify potential next target after a break out from the previous pattern. At this case, there is a major inverted Head and Shoulder that has been forming. The blue region which is the golden pocket zone is acting as a neck line too, because the price has already broken out from this neck line of this structure, the price has shown us a retest toward it too as a support which is the characteristic of the phase 2 of break out strategy. Right after the phase 2 occurs, the price had a bounce of it until this region is being met. Trust measurement that I'm using is to measure the height between the bottom of the Head pattern to the neckline and projects it right at the breaking out point. With this method, there will be a potential to reach the $16412 as the mid-long term target.
Next thing is the bias for the near future which I believe that we'll see another correction even if it's so little in the future. Currently the price is still trending slightly below the .786 fibonacci retracement level which acts as a resistance too. We'll see further test toward this region especially if we see any spike toward $12500 which is the liquidation zone. Liquidation zone is the zone that the whales want to trap the early buyers to liquidate their position so the whales can buy at the lower price.
Key point is still at this $11800 and the $14000 region for mid-long term. Breaks above this 2 regions will become a fantastic futures for bitcoin and most of the coins in this universe.
First thing is about the trust measurement which is one of my favorite method to identify potential next target after a break out from the previous pattern. At this case, there is a major inverted Head and Shoulder that has been forming. The blue region which is the golden pocket zone is acting as a neck line too, because the price has already broken out from this neck line of this structure, the price has shown us a retest toward it too as a support which is the characteristic of the phase 2 of break out strategy. Right after the phase 2 occurs, the price had a bounce of it until this region is being met. Trust measurement that I'm using is to measure the height between the bottom of the Head pattern to the neckline and projects it right at the breaking out point. With this method, there will be a potential to reach the $16412 as the mid-long term target.
Next thing is the bias for the near future which I believe that we'll see another correction even if it's so little in the future. Currently the price is still trending slightly below the .786 fibonacci retracement level which acts as a resistance too. We'll see further test toward this region especially if we see any spike toward $12500 which is the liquidation zone. Liquidation zone is the zone that the whales want to trap the early buyers to liquidate their position so the whales can buy at the lower price.
Key point is still at this $11800 and the $14000 region for mid-long term. Breaks above this 2 regions will become a fantastic futures for bitcoin and most of the coins in this universe.