is the bull trend potential saved by this $37 from a lower low, which would invalidate the bullish count of a trend change.. i believe this weekend may reveal important direction of trend..
looking at the 1 hr chart and trying to figure what has happened so far from a Fib perspective..
Summary : i think it looks like an impulse down that is about to finish with a 5 wave going to the down side. yet the bullish potential of having a deep retrace for a bounce attempt is still not invalidated as we bounced off the 0.786 so far.
my fib analysis for...
decreasing volume.. price is squeezed between 21 EMA and 100 EMA.. breakout soon.. where r we going? i think it is heading down to test a lower low.. with the confirmation of a bear flag formation.
now for the 4 hr chart.. a potential head and shoulders could be forming which would take the price to the $9K neighborhood again.. we have a volume gap to the $9K that was a previous strong resistance multiple times if we confirm with volume the head and shoulders (watching out for the break of $11900).Also, if we hit the 9K region it would be a 50% retracement...
short term chart ( 2 hr) if the inverted head and shoulders pattern forms it could pump up to $12400 range. the break of the inverted head and shoulders could be the wave 2 of the down trend i am still watching ( which id the 618 Fib level) and previous resistance and 1,272 of the initial wave up ( comon wave 3 target)..
BTC biggest resistance is coming up in the few days..
my 2 satoshi on this.. for those discussing the head and shoulders pattern, even if it plays the strong historical trend line is a big barrier to consider , and the low volume and market strength. Also, technically the down trend TA has many many counts or theories that we r not done yet. still some eager...
my 2 satoshi on this.. for those discussing the head and shoulders pattern, even if it plays the strong historical trend line is a big barrier to consider , and the low volume and market strength. Also, technically the down trend TA has many many counts or theories that we r not done yet. still some eager young traders in the market, responding with a market...
BTC short term bull fractle road map for the coming two weeks..
this is how i think a bullish scenario might play, not for getting we are still inside the large channel and this sure looks like a bull flag.
bullish short term, bearish long term.. yet waiting to see it evolve the coming few weeks..
happy new year all
