Hello, dear subscribers!
Today we are going to consider two possible scenarios for the Bitcoin price.
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As we can notice on the chart the price has a pullback from the $34800 level to $28000. As a result we can define the swing low and high to define the Fibonacci Retracement levels. The price bounced off the zero Fib level and found the resistance at the 61% Fib level. Now there are two possible scenarios for the BTC.
Negative scenario
The price is almost formed the Head and Shoulders formation. We should be very careful at the $30000 price level. It is important level to form this bearish pattern. In that case the price will go lower than zero Fib level of $28000.
Positive scenario
If the price find the support at 38% Fib level and bounce off it we can see the growth above the 50% Fib level. If the price find support also at that level and brake through the widening falling wedge the massive growth continuation has a high pribability.
DISCLAMER: Information is provided only for the educational purposes and should not be used to take action in the markets.
Today we are going to consider two possible scenarios for the Bitcoin price.
We ask you to support us with likes, it's not difficult for you and it will help us a lot. Thank you!
As we can notice on the chart the price has a pullback from the $34800 level to $28000. As a result we can define the swing low and high to define the Fibonacci Retracement levels. The price bounced off the zero Fib level and found the resistance at the 61% Fib level. Now there are two possible scenarios for the BTC.
Negative scenario
The price is almost formed the Head and Shoulders formation. We should be very careful at the $30000 price level. It is important level to form this bearish pattern. In that case the price will go lower than zero Fib level of $28000.
Positive scenario
If the price find the support at 38% Fib level and bounce off it we can see the growth above the 50% Fib level. If the price find support also at that level and brake through the widening falling wedge the massive growth continuation has a high pribability.
DISCLAMER: Information is provided only for the educational purposes and should not be used to take action in the markets.
Comment:
The Head and Sholders formation is cancelled. We can notice the fake attempt to brake through the wedge, but the pullback didn't reach the wedge support line. The BTC price bounced off the very important support and now is trying to form the double bottom pattern. It is very strong bullish formation. The $33000 is very important now. If price brake through it and find support here the double bottom is completed because this is neckline area for this pattern. We can see also that this level is exactly coincides with the monthly R1 pivot level.
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