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Pretty red candles have led us to where we are now. An outbreak of the neckline of inverted head and shoulders created further upswing, but as I see it, the beartrend is not over yet:
- If you experience the downtrend of Bitcoin in 2013 and 2014 you will know how long a bearcycle may take. Taking the ratio of "Upmove duration of the Bubble into the bulltrap" ...
Weekly candles are strong enough to build a cup and handle in the cup and handle. After breakup we will soon see a decent pump for about 20-30 days. 6000-8000 CNY could be target.
After a huge move up (2900 CNY to 5200 CNY) we are now entering what appears to be a bearish cycle. With the block halving in the back and a .5 fib level seemingly holding properly, there are two possible scenarios that might happen:
Bullish: We are going to hold the trend line that has proven very important in the past 9 months. .5 fib level will hold. This ...
In my eyes the recent price rise was too fast to be healthy. We need to find support on former resistance line so the market has confidence before we moon. Maybe it will be enough to find support on the former trendline at 3420 CNY.