Bitcoin Headed Towards Greatness or Disaster?
I have also drawn a bigger triangle on the left. Because for that time frame there are 2 options:
A double top: This will get triggered if we break the 9600ish level, but we already need to start worrying if the 10400ish breaks.
A triangle: We see the 10800 hold (maybe room for some wicks below it) and we continue to move higher again.
I personally never really believed this whole rally was real the past month or 2, but i kept my personal view on the down low because on needs to judge this market objectively. But past days, especially since the alts dumped so big, i can't hide my worries anymore. With markets trends, we have strength and we have insanity. Until like the 8K, i could still think about strength. But since the parabolic move above 9/10K, i simply never trusted any of it and it just didn't feel right. So instead of thinking this rally was super strong, i kept having fears it was just one big short squeeze simply to be able to cash out at prices nobody ever dreamed of seeing this soon only 4 months ago.
For now, as mentioned, think the 11500/700 is important for the bull to break. If they manage to do that, short term pressure/danger might be gone already. Support levels are mentioned already. I think if we see the 9500/9700 break, we need to think about 8K prices again. The insane rally to 13900 began from 7500ish, so that is probably still an important level as well.
Now it's time to show off a little bit :) I kept posting updates in mu public channel past week and predicted some nice moves:
Not to scare any bulls, because still look quite strong so far. But if, so if we see another drop now, we could get a sell candle on the right. So if we drop with big to like 12700/800, then make like a there, we could see another drop to low 12k. If that happens, we could be getting an in play.
But so far bulls are very stubborn, just like they were during the 13900 rally. So normal TA doesn't really work here. So this message is not that we will drop , just to make it clear. Just giving a warning, that if we get another big push down withing like half an hour or so, what i described above might become likely. For now think we can say the 13000/50 is a and the 12900 as well
Sorry everyone, still very busy. I see yesterday's potential low was the low again. At the moment looks like we might still be in a correctional wave. Low time frame, dont want to say anything now. The middale chart, blue line is the ideal scenario. Which also can be seen on the chart on the right.
If it goes up and with low , it will become more likely. So creating like an on the right and eventually a bigger in the middale chart.
General warning, It's almost weekend again. Don't get trapped!!!!
Before i forget, also showed the temp low between this two as well :).
Please don't forget to like if you appreciate this :)
We are still below the neckline of the H&S, but the lower we hang against it, chances slowly increase it will break up through it again. When looking at the wicks, maybe there is even room up to 11.000ish for the retest of the neckline, but think above 11k, H&S might be invalidated and the bearish pressure, at least short term might be gone
1) Either extremely bearish flag, meaning the market is that weak, that it can't even shape upwards like a normal flag. That would indicate a big dump, like 500/1000 points.
2) it's accumulation.
Option 1, is very rare but happens. Actually a third option would be what i have drawn. So a weak break up and then turn down again. Anyway, good to keep a close eye out.
1) making a higher low around 10.000 and complete an ABC
2) or we simply continue to drop to what i think is the target around 9500/9200.
Calculating the target if this wave is a bit difficult, because it could even have been reached yesterday, but this weak bounce tells me that is not likely. Unless, we make that higher low around 10.000 and THEN see a big strong fast high volume bounce up.
10400ish is a resistance now, if that breaks, we can also start to assume the wedge isn't real and something else is going on.