Bitcoin Moon or Doom?
Updated
Looking at this 4hr chart it appears that Bitcoin is at a critical level.
My whiskers are telling me that there are a few different possibilities moving forward.
One way this could play out is, if the Shark and subsequent Cypher harmonics are valid, then we would and could see a strong move to
the upside. I would like to see BTC move up to about $54300 and start to build support (the .786 yellow Fib on the chart).
Another way things could develop is if we see another leg down. If this happens I will be looking for support around $43,000. This could be a back test of the giant bull flag break out. A strong bounce here would mean we could see a move towards the top of the channel and that could mean new ATHs. I will also be looking at $42,000 as a "make or break" area. A move below $42,000 and a back test as resistance would indicate to me that we could be going much lower.
For now, I'll be waiting in the bushes and watching to see which way we break out of this zone (defined by the yellow Fib).
What do you think will happen next?
Owhooooo!
My whiskers are telling me that there are a few different possibilities moving forward.
One way this could play out is, if the Shark and subsequent Cypher harmonics are valid, then we would and could see a strong move to
the upside. I would like to see BTC move up to about $54300 and start to build support (the .786 yellow Fib on the chart).
Another way things could develop is if we see another leg down. If this happens I will be looking for support around $43,000. This could be a back test of the giant bull flag break out. A strong bounce here would mean we could see a move towards the top of the channel and that could mean new ATHs. I will also be looking at $42,000 as a "make or break" area. A move below $42,000 and a back test as resistance would indicate to me that we could be going much lower.
For now, I'll be waiting in the bushes and watching to see which way we break out of this zone (defined by the yellow Fib).
What do you think will happen next?
Owhooooo!
Note
A closer look...
Related publications
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.