A correction to around 8100 for now cause the first high retraced more than 78% and it can be expected for the second high to retrace less than 78%.
Then a gradual move to around 8500 followed by a correction to around 8100 again. if it were to continue to the downside and create lower lows, 7200 is back on the table.
I believe we are about to encounter Wave B of the current trend. I am still bullish in the long-term but I think a correction is due and although many think this correction will come after hitting 9.3-9.6k but I think it has already started. Yes we are gaining bullish momentum right now and the target as per chart is around 8500, but that is the way of wave B!
Remember:
"Wave B: Prices reverse higher, which many see as a resumption of the now long-gone bull market. Those familiar with classical technical analysis may see the peak as the right shoulder of a head and shoulders reversal pattern. The volume during wave B should be lower than in wave A. By this point, fundamentals are probably no longer improving, but they most likely have not yet turned negative."
Why am I not bullish? why don't I consider this as another classic BTC move where it plays around in sup/res for a while and then pumps? it sure did happen while we were in 5000-5800 range and it happened in 7000-8000 range. Both times, when prices dropped to 5000 and 7000, people freaked and shorted only to be rekt by BTC move to the upside. This time, I believe it's different.
I am not bullish on BTC for the moment because alts/BTC are looking bullish. can't be bullish on both of them cause one moves up, the other comes down and vice versa. Alts/BTC are showing strong indications of an upcoming move to the upside, specially in their weekly chart. The last time they had a big move to the upside was when BTC dropped from 8200 to 7100.
Then a gradual move to around 8500 followed by a correction to around 8100 again. if it were to continue to the downside and create lower lows, 7200 is back on the table.
I believe we are about to encounter Wave B of the current trend. I am still bullish in the long-term but I think a correction is due and although many think this correction will come after hitting 9.3-9.6k but I think it has already started. Yes we are gaining bullish momentum right now and the target as per chart is around 8500, but that is the way of wave B!
Remember:
"Wave B: Prices reverse higher, which many see as a resumption of the now long-gone bull market. Those familiar with classical technical analysis may see the peak as the right shoulder of a head and shoulders reversal pattern. The volume during wave B should be lower than in wave A. By this point, fundamentals are probably no longer improving, but they most likely have not yet turned negative."
Why am I not bullish? why don't I consider this as another classic BTC move where it plays around in sup/res for a while and then pumps? it sure did happen while we were in 5000-5800 range and it happened in 7000-8000 range. Both times, when prices dropped to 5000 and 7000, people freaked and shorted only to be rekt by BTC move to the upside. This time, I believe it's different.
I am not bullish on BTC for the moment because alts/BTC are looking bullish. can't be bullish on both of them cause one moves up, the other comes down and vice versa. Alts/BTC are showing strong indications of an upcoming move to the upside, specially in their weekly chart. The last time they had a big move to the upside was when BTC dropped from 8200 to 7100.