1# BTC 5K or 10K ? That is the question.
** Freshly in the cryptospace, Here is my coming out on what's is going with Godfather Bitcoin. Disclaimer : I am a learner ; not a technician **
-- ONE-YEAR PICTURE--
Bitcoin is in a HEALTHY, ACCELERATING BULLISH CHANNEL since March, following the exact same cycle :
I would like to confirm that it follows the last 9 month an Elliott Waves (currently ended wave 5?) & allowing ABC corrective waves. * Please correct me if i am wrong! *
-- LAST 3-MONTHS--
We are now at the consolidation phase for the (1) last bull run, started the 14th September. There are two opposites scenarios :
-- WHAT AM I DOING FOR NEW YEAR ?--
* Scénario 1) Track a bounce or a penetration at the 6100 level ; then Look for reversal signs & patterns Double / Triple tops / H&S ; Be prepared to BUY between 6100 and 5000 levels.
* Scénario 2) Confirm 8000 level breakout at 4H ; Wait for a consolidation of the price at the Mid-8000's and track the next reversal SHORT or bull confirmation to open LONG.
PS: BTC is still fundamentaly strong : both as reserve of value for Institutionnal investors and as a reference for newcomers. I am not surprised for a Christmas at 10K
Peace out
-- ONE-YEAR PICTURE--
Bitcoin is in a HEALTHY, ACCELERATING BULLISH CHANNEL since March, following the exact same cycle :
- 1) A Quarterly 3-figures Bull Run (800% compounded YTD) that penetrates at least ONE fib level F
- 2) A 40% retracement from the second fib level F+1 to the fib level F-1, just between the SMA 100 & 150
I would like to confirm that it follows the last 9 month an Elliott Waves (currently ended wave 5?) & allowing ABC corrective waves. * Please correct me if i am wrong! *
-- LAST 3-MONTHS--
We are now at the consolidation phase for the (1) last bull run, started the 14th September. There are two opposites scenarios :
- Scénario 1) BTC Return To 5K : RSI and MACD divergence both indicate strong bearish reversal signal et the major 8000 level ! A last quarter retracement would push BTC at the 6100 and then 5000 levels.
- Scénario 2) BTC Continue To 10K : Since last week BTC price forms a Bullish Flag consolidation just below the 8000 level. that indicates upward support. Also BTC is not so overbought and DMI/MACD can support further upward movements. At the time i am writing BTC has broken the 8000 level & breakout the symetrical triangle & Bollinger squeeze at 4H and 1H.
-- WHAT AM I DOING FOR NEW YEAR ?--
* Scénario 1) Track a bounce or a penetration at the 6100 level ; then Look for reversal signs & patterns Double / Triple tops / H&S ; Be prepared to BUY between 6100 and 5000 levels.
* Scénario 2) Confirm 8000 level breakout at 4H ; Wait for a consolidation of the price at the Mid-8000's and track the next reversal SHORT or bull confirmation to open LONG.
PS: BTC is still fundamentaly strong : both as reserve of value for Institutionnal investors and as a reference for newcomers. I am not surprised for a Christmas at 10K
Peace out
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.