Lately there has been plenty of speculation on where the price of BTC will go. Some people are asking for 90k off rip or 10k..
People fail to realize that as more entrants come into the market, BTC will begin to move like a more traditional market (manipulation aside). Things will become much slower, but consistent.
Fundamentally speaking, prices will continue to rise OVERTIME. However, there is no way we get too 100k+ in 5 candles..
Technically, looking at the chart its quite easy to see where the demand is, and where prices seem to be heading.
1. There is a clear area of value that intersects at both a horizonal & vertical support & resistance zone. Buying or selling anywhere but this area in not ideal.
2.This zone serves as the golden ratio as well, and is also the last broken structure of resistance.
3. When looking at price, we can see a structure similar to that of an "M" forming. Which is usually a harmonic reversal pattern (I will link my older analyses demonstrating the pattern) Lazy to go look ^^ google it.
Currently, price is now retesting the nose of the M (38% on fib), which will show good resistance as it was once support - from here I expect price to make its way back down to 61%.
Obviously, there can be a catalyst and none of this happens, and we go up from here. However, looking back at the general price action of this market, and other traditional markets, a drop back down to ~53k seems like the most logical thing to happen. The charts literally show us what price wants to do, and currently there is a high probability of my thesis happening.
Check below for more views.
People fail to realize that as more entrants come into the market, BTC will begin to move like a more traditional market (manipulation aside). Things will become much slower, but consistent.
Fundamentally speaking, prices will continue to rise OVERTIME. However, there is no way we get too 100k+ in 5 candles..
Technically, looking at the chart its quite easy to see where the demand is, and where prices seem to be heading.
1. There is a clear area of value that intersects at both a horizonal & vertical support & resistance zone. Buying or selling anywhere but this area in not ideal.
2.This zone serves as the golden ratio as well, and is also the last broken structure of resistance.
3. When looking at price, we can see a structure similar to that of an "M" forming. Which is usually a harmonic reversal pattern (I will link my older analyses demonstrating the pattern) Lazy to go look ^^ google it.
Currently, price is now retesting the nose of the M (38% on fib), which will show good resistance as it was once support - from here I expect price to make its way back down to 61%.
Obviously, there can be a catalyst and none of this happens, and we go up from here. However, looking back at the general price action of this market, and other traditional markets, a drop back down to ~53k seems like the most logical thing to happen. The charts literally show us what price wants to do, and currently there is a high probability of my thesis happening.
Check below for more views.
Comment:
Example of a "triangle" (1) using the same sequence, using a fibonacci zone as (3)
Comment:
Example of potential M pattern we can see:
Bar Replay on BTC:
Bar Replay on BTC:
Comment:
Wedge Sequence...
These analyses are my personal view on the market.
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
Falling Wedge - Think about how most wedge patterns play out...We have a break in the trend --> a pull back & reversal to complete a W pattern ---> Test the high and pull back (because resistance) --> Find support on the last structure broken then continue on initial move.
Bitcoin below starting its breakout:
Bitcoin Now: