BTC about to repeat a pattern from 2019 bullrun.. but reverted?
Updated
Hello,
BTCs move is coming ver soon.
I would say today or tomorrow.
I just found this similiar pattern which looks like the bullrun in 2019.
On the left, you see the current price action on the 4 hourly but inverted.
On the right, you see the chart from 2019 which initiated the bull run.
Its crazy how similiar they look like.
Lets go into the detail:
On both charts you have the symmetrical like triangle.
In 2019, the target of that symmetrical triangle was ~$5100, which was reached perfectly.
After that, bitcoin consolidated and pumped afterwards to the 0.618 fibonacci level
Lets copy the same behaviour to the current situation:
The target of the current symmetrical triangle would be $7400.
And thats what is impressive, because a lot people are expecting a bounce there.
The $7400 was a strong resistance level before. After breaking that, bitcoin pumped to $10.000.
Not only this level was visible on the chart, but also a lot indicators (like MFI, RSI, Distribution/Accumulation Money Flow) were having there a resistance level which was broken.
But, theres also a potential target to 6.3k, which is the 0.618 fib level.
Im in a short position currently and will take 50% profit at 7.4k and hoping for a consolidation there.
I dont think, bitcoin will pump back up from there (i mean it could) but looking at the current COVID-19 situation, the traditional market might collapse one more time.
There is a really really small chance, that we could even see lower prizes in the future (im talking about $4000 or even lower than $3000).. but these targets should be taken more serious when BTC dumps down to $6300.
BTCs move is coming ver soon.
I would say today or tomorrow.
I just found this similiar pattern which looks like the bullrun in 2019.
On the left, you see the current price action on the 4 hourly but inverted.
On the right, you see the chart from 2019 which initiated the bull run.
Its crazy how similiar they look like.
Lets go into the detail:
On both charts you have the symmetrical like triangle.
In 2019, the target of that symmetrical triangle was ~$5100, which was reached perfectly.
After that, bitcoin consolidated and pumped afterwards to the 0.618 fibonacci level
Lets copy the same behaviour to the current situation:
The target of the current symmetrical triangle would be $7400.
And thats what is impressive, because a lot people are expecting a bounce there.
The $7400 was a strong resistance level before. After breaking that, bitcoin pumped to $10.000.
Not only this level was visible on the chart, but also a lot indicators (like MFI, RSI, Distribution/Accumulation Money Flow) were having there a resistance level which was broken.
But, theres also a potential target to 6.3k, which is the 0.618 fib level.
Im in a short position currently and will take 50% profit at 7.4k and hoping for a consolidation there.
I dont think, bitcoin will pump back up from there (i mean it could) but looking at the current COVID-19 situation, the traditional market might collapse one more time.
There is a really really small chance, that we could even see lower prizes in the future (im talking about $4000 or even lower than $3000).. but these targets should be taken more serious when BTC dumps down to $6300.
Note
Another reason why 6.3k is very likely, is because there is an untested Point of Control in that area.Point of controls are just lines, which display, at which price the price consolidated the most on each DAY.
In 90% of the cases, those POCs are being retested on the following day.
But sometimes, they are being never retested or being tested after a few weeks.
Currently there are a few untested POCs below:
$8800
$7700
$6318
$4875
Note
So this is the best like scenario which i would love to see.Dump to 7.4k, consolidate (maybe creating a bear flag) and continue dump to 6.3k
Note
Here are some examples why $7400 is a major target using indicators:Accumulation/Distribution Money Flow: Break of the 3 year resistance line
Will Bitcoin dump just to retest that old resistance line just to test if it acts as support?
Note
Indicator Scalper:Also had the breakout at the 7.4k area.
You can also see on the weekly a Hidden Bear divergence.
Will btc dump to just retest the old resistance?
In most cases, when the line inside scalper does bounces off that middle line (at 50), it indicates a continuation of the trend, which would be in this case an uptrend.
Note
Here on the Daily im looking at this retest
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