Hello mates, it's been a while since i made updates on Cryptocurrencies. Miss you guys and trust you enjoyed the last massive pump in bitcoin with its reflection on alts coins. Lately, bitcoin has been consistently making huge downtrends with quick uptrend reversals after the end of the massive pump to $52.9k. This downtrend process is known as correction period because price has successfully reached the target it failed to retest in the penultimate pump to a new ATH so it's high time it started falling. As the chart implies on daily timeframe, btc is likely to retest $45.6k - $46.3k before the correction to the specified targets on chart continues. Eke, Bitcoin is probable to hit a new high but the probability is mild based on long term perspective of cryptocurrency as a whole. A weekly close above the previously retested target (52.9k) and by holding above $40k will validate a new trend to a new ATH. Otherwise, the next price action will follow the specified trend on chart and as listed on chart, three patterns are likely play out if bitcoin fails to hold $40k. They are:
1. Descending Channel Breakout
2. Double Bottom
3. Inverse Head and Shoulder
Trajectories of these patterns have been provided on chart. You can drop a line if you've got questions.
Your likes and opinions would be much appreciated, you can follow up for more helpful contents and do follow my comment sections too for quick updates.
1. Descending Channel Breakout
2. Double Bottom
3. Inverse Head and Shoulder
Trajectories of these patterns have been provided on chart. You can drop a line if you've got questions.
Your likes and opinions would be much appreciated, you can follow up for more helpful contents and do follow my comment sections too for quick updates.
Trade active:
Bitcoin price has been following an uptrend since a day ago when this update was made. Target Price still remains $45.6k - $46.3k.
Trade active:
Ever since the update has been made, btc was able to reach $45k which shows a strong level of resistance, if 40k continues to hold then we will see a bullish move in bitcoin to $46k+ and prolly more uptrend in the coming days. If this fails then btc will breakdown to $35k+ and then retest $40k and ultimately btc might intensely breakdown to $19k from here.
