BTC long term arc: looks bearish but have chance to break up
Updated
Hello guys.
In the recent year Bitcoin touched the 60k level twice, failed to break up. That level is extremely important as it represents higher border of the long term arc, which is about to turn to the downside.
Despite the fact that bearish direction looks pretty obvious (with support around 5k - see the red arrows on my chart), it is not mandatory to bounce inside the arc forever. There is a possibility to break it up. And when/if that happens, we will see new ATHs for sure. But right now the arc is not broken to the upside yet, we have levels to watch closely.
By the way, a few years ago I published an idea with the same pattern, but for Coca-Cola stock. And later that arc was successfully broken to the upside. See the linked idea below. It's a kind of good food for thought.
In the recent year Bitcoin touched the 60k level twice, failed to break up. That level is extremely important as it represents higher border of the long term arc, which is about to turn to the downside.
Despite the fact that bearish direction looks pretty obvious (with support around 5k - see the red arrows on my chart), it is not mandatory to bounce inside the arc forever. There is a possibility to break it up. And when/if that happens, we will see new ATHs for sure. But right now the arc is not broken to the upside yet, we have levels to watch closely.
By the way, a few years ago I published an idea with the same pattern, but for Coca-Cola stock. And later that arc was successfully broken to the upside. See the linked idea below. It's a kind of good food for thought.
Note
Note
Hey guys!The price failed to drop too far from the top arc and started rallying.
Considering other EW counts and analysis, this is starting to look more and more like it's going to break the arc and then we'll see another big bull run.
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