After a previous bearish analysis from 40k where the target of the SHS pattern was 18k hit its target, I am now looking at this bullish BTC analysis. I post this image from another website because I do not have this indicator on Tradingview and it has been one of the best performing ones for me personally. This is the pivot points indicator with fibonacci values.
Saturday it went below the pivot line and I believed it will go lower because it closed rather bearish, but on Sunday there was a complete reversal. This looks like a perfect place to reverse. As you can see from this indicator, every time it holds above the pivot lines, the price hits a temporary bottom at the least, and when it fails, it goes way down usually before any recovery.
I have drawn lines for one way this reversal can play out, but of course this is highly unlikely to happen exactly that way, but I just thought I should add it for fun.
Saturday it went below the pivot line and I believed it will go lower because it closed rather bearish, but on Sunday there was a complete reversal. This looks like a perfect place to reverse. As you can see from this indicator, every time it holds above the pivot lines, the price hits a temporary bottom at the least, and when it fails, it goes way down usually before any recovery.
I have drawn lines for one way this reversal can play out, but of course this is highly unlikely to happen exactly that way, but I just thought I should add it for fun.
