Bitcoin Weekly chart looking bullish, A break above 60k could open up whole lot of targets upside.
Coming off of a good support level gives confidence on this run up. Even if we see a dive down, expect the 30kish level to hold strong and a bounce up could be very strong move.
Price is coming closer to the edge of the wedge and i still think the bear flag target and long term trend line support would be tested in the next push down. Elliot wave count also shows a lower low possible which could be around the bear flag target of 6500ish level.
It would be nice to see the candle close with Bull wick when the lower trendline is hit to...
Lets just say if this bear flag play out and price hit 6500ish level, This level looks like a HUGE support based of MULTIPLE YEAR trendline which was tested when the price hit 5800 level in early February . The price has reacted very bullish each time this trendline was tested.
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ETH price action has played out exactly as i mentioned in my previous update i.e to expect a small bounce up before the price goes down toward target 2 zone. That is appoximately $300 ride down since my first post on ETH pattern.
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This confirms the fractal i was talking about yesterday is in play and we might see this pullback go a little deeper to 50% fib . MACD still has some roam to downside, But the price might start bouncing of this current 38% fib level too. We need to see volume come in to confirm this support.
Here are the probable paths.
Bitcoin price action is showing some interesting mirror image. The Head & Shoulder pattern with 19k highs did not break the neckline of the first attempt instead it retraced all the way back to full swing 61% and came down to break he neckline and took couple of month to reach the 5900 lows.
The current inverted H&S pattern, the neckline has not been breached on...
Bitcoin has completed the inverted H&S pattern and breached the neckline yesterday, price is currently trading at 11500ish resistance level.
Even though we might see a small pullback here, we are on course for longterm pattern target zone of 17000ish.
This price action can form an inverted H&S with neckline at resistance zone 9450ish level. we would see a potential right shoulder forming in next couple of days
![BTCUSD: [BTCUSD] Update: And the wait continues...](https://s3.tradingview.com/i/IDsASjgk_mid.png "[BTCUSD] Update: And the wait continues...")
![ETHUSD: [ETHUSD] Update: Target 2 zone REACHED!!!](https://s3.tradingview.com/p/prn3q8h8_mid.png "[ETHUSD] Update: Target 2 zone REACHED!!!")
