Bitcoin is forming a head and shoulders pattern on the H4 view.
The bearish target is 42,000$.
Closing under this target will make Bitcoin closing under the daily moving average 200 which is a bear market signal.
Bitcoin formed an inverted head and shoulders pattern on H4 view.
Usually, it is considered as bullish in 50% of cases as patterns work better on daily view.
My target is 74K, however we performed 6 months of bullmarket in a row, which never happened since 2012.
7 months never happened since 2011.
We could also see a retracement this month but we have more...
Bitcoin could form a potential falling wedge.
It could as well as break upside as each triangle breakout as it could range lower for the whole February month like in 2017.
If it ranges between 27,000$ and 30,000$ for one month, it could finally touch the SMA 100 which is a crucial support in a Bitcoin bull market where it usually bounces back, recovers, forms a...
If you look at my previous related idea, Bitcoin broke the first triangle upside and it doesn't seem to be a fakeout at the moment.
Bitcoin could form a potential rising wedge giving an opportunity to play both short and long for swing traders and scalpers or DCA for holders.
It could recover 42K this month and breaking a new ATH around 45K if February performs...
I see an ascending channel from ~14 December, when the price evolves in the bottom of the ascending channel, it pumps slowly but surely and always bounce back from the bottom of the channel.
When the price evolves in the top of the ascending channel, it pumps faster and higher before going back to the middle or the bottom of the channel.
Stimulus check increasing...