Here is another possible scenario that will play out. I actually like this one more than my previous analysis as it gets the same job done, but has stronger support for the initial drop, and correspondingly the potential for a touch of the purple long term down trend channel resistance. Essentially I am now looking at this black small downtrend channel. It...
The recent high has formed a perfect down trend channel for Bitcoin. We have just reached the top and the break out of the ascending wedge will take us down to around 5500 before a bounce. We will then hit the resistance of $6800 before falling to our next support some where in the $3Ks. We will then bounce again before falling to our ultimate bottom of $1850...
Pretty self explanatory. Short to the bottom then long back to the top rinse repeat.
As per my previous analysis, the fractal is playing out nicely. Within 24-48 hours we will see one last push to the top. This will be somewhere between around 7850-8250ish. This will be followed by a bit of up and down for a few days, and then the leg down to 6380ish followed by a leg back up to 7100-7200ish. Then it is all down hill to 34xx.
So the market wants you to short. We see an ascending broadening wedge pattern (highlighted with light blue background) as well as another ascending triangle (highlighted in dark blue border) pattern forming. As we are at the resistance line of both these potential patterns, it tells us to short. However... I have seen this pattern multiple times before and...
Time to short based on fractal. Many more buy in oppurtunities coming
Still bear for quite some time.
About to hit major resistance again. Short to bottom of blue symmetrical triangle.