A Shoulder, Head, and Failed shoulder pattern has formed similar to the one in early March 2021 which lead Bitcoin to climb from around 49000 to 60000. As seen in the chart the shapes are very similar and the new pattern may potentially signal a bull run to 46000 again or even higher.
Hey Traders! I think the RED 800 EMA (on the 1D chart) that supported the last two death cross dips will provide support again this time around at the 22400 price point. I also see the flipped N shape pattern that has formed as well, which indicates a continuation to the downside. The RSI also shows the prices are staying under 50 and the MFI indicates the prices...
I think Bitcoin will hit approximately 20k or 15k and then recover around November 2021 when Taproot takes place. If not perhaps after the average 487 day Bear Market (average calculated from last two bear markets 2018-2019, and 2019-2020.
AMP 50 and 200 EMA crossed up then went sideways for a bit, now crossed back towards the downside, however, created a bullish divergence on both the RSI and EFI. I see a possible reversal once the top on pennant and 0.093 resistance line is broken. Idea is invalidated if prices break below .076.
The idea may soon be confirmed, AMP hit 80 RSI and then bounce off of the 49.4 RSI area. Now for the final test. Once the 50 and 200 EMA crosses, uptrend should
resume as the first big climb.
STOP LOST: .078-.083
*Previous idea was invalidated as the price of .10 didn't hold and due to my error of the divergence lines.
Currently trying a new strategy where if AMP reaches approximately 80 RSI and then bounces of 49.4 RSI, a possible reversal to the uptrend may occur.
3rd Divergence in play, I believe a reversal from this small dip is preparing to occur as seen in the last two divergences. Also, this would be a great buy zone as long .10 area holds. Take profit would be about .14. (Not financial advise, please only risk what you can afford to lose.)
AMP amazingly bounced up right before hitting the 30 RSI mark returning to the bullish trend. The 10 & 25 EMA crossover plus the upper breakout of pennant further supports the trend. A predicted path is drawn.
ATH was almost met, but fell slightly short at .0989, then retraced back to the support line at .0803. Followed by a rising bullish pennant. A break above the top of pennant and resistance of .0971 potentially signals a new ATH. The M shape to Pennant pattern may be repeated as shown on chart or a dip back to .083 after ATH may occur.