imcryptodragon

imcryptodragon Updated 

Verdict The current scenario is very much in Bulls favor. BTC can be shorted in short term but the risk vs reward is much higher. Charts are attached to support the analysis.

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Formation of Head and Shoulder confirms the bearish trend that started from Major Resistance. SL - 162.795 Target - 158

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Entry - 123.747 SL - 124.360 Target 1- 122.445 Target 2 - 121.706

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Another reason for Bitcoin to continue its Bullish run is the bearish butterfly pattern. It has previously completed one in 2021 and the current price action looks like, its on path to form one in 2022.

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BTC is following the ABCD pattern since late 2020. There is a probability that the current up trend continues on and form new ABCD pattern in the coming months which will drive the price to ATH in the range of 70s. Also, the length of current accumulation zone might be similar to the previous accumulation zone in 2021 & a breakout might be in play.

imcryptodragon

Bitcoin Analysis: Based on Bitcoin heatmap from 2015-2022, it appears, this year might be a bearish one. After consecutive 3 bullish years, the 4th one gets bearish. Best Month to Long: Feb, April & October. Best Month to Short: Jan, March & September. If you like the heat map, please like & comment and follow me for more interesting analysis.

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Trend change, possible formation of Bat and possible formation of double top points to bearish reversal.

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BTC looks on its path to ATH................................

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ETH is in consolidation & a reversal might happen in near future! 1. It is respecting the weekly major support. 2. It is respecting the major trend line. 3. Formation of 2 Bat patterns.

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AUDUSD in downtrend. Entry - 0.7307 SL - 0.7333 TP - 0.7292

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It might go up and test the daily resistance at 118.319 Entry - 117.114 SL - 116.575 Target - 118.319

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GBPCHF looks bearish. Entry - 1.2171 SL - 1.2191 TP - 1.2149

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EURAUD is in a Bearish Trend and will test the Golden Ratio. Entry - 1.4937 SL - 1.5042 TP - 1.4794

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USDJPY is in Uptrend, Entry - 116.110 SL - 115.780 Target - 116.354

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Bitcoin looks like retracing to Golden Ratio. Entry - 40842 SL - 42525 TP - 39275

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CADJPY in Uptrend Entry - 90.566 SL - 90.371 TP - 90.680

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EURGBP in Bullish Trend Entry - 0.8399 SL - 0.8371 TP - 0.8467

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AUDUSD in Bullish Trend Entry - 0.73078 SL - 0.7286 TP - 0.7343