Bitcoin for the "W"
Whats Up guys?
I Posted an
ETH analysis a few days ago showing you why the charts are telling us that another move to $2000+ is in the cards, before the reality of a recession hits, and new lows under 1k are put in
I posted it below if you want to check it out.
Though its in a different Pattern thanETH, I will show you why Bitcoin is also screaming that another pump is around the corner.
During the crypto rally in July/August, Bitcoin made a choppy move up Vs. Eth's more "straight up" impulsive move.
After a few weeks of downside, Bitcoin is once again sitting on that July Bottom.
If you look closely, Almost every bottom pattern in financial markets resemble (variation on the theme) one of two Patterns.
1. Inverse Head and shoulders.
2. "W" Pattern.
I believe we're looking at an almost complete W pattern on the 4H and Daily Time frames, in which the next move up would complete the second "leg" of the W.
Seeing what you believe is A strong corrective pattern on the higher time frames is one thing, but I personally don't have conviction in a trade unless there is also confluence on the lower time frames as well.
Well, Bitcoin is showing us exactly that.
Since August 28th, Bitcoin has presented choppy behavior (also a strong sign of a potential bottom) while holding a 6 day low. Again, on top of the strong bottom structure (support) from July.
On top of that, we re even seeing it chop down over the last 48 hours into those 6 day lows, for even more confluence.
Its hard to call how high or low a particular move will go, but I think $25,000 is a conservative target for this next leg up.
A few daily closes below $17,000 would invalidate the pattern and therefore the trade for me
In conclusion, BTC is showing us that the downside in august was just a correction in a bear market rally, and that one more move up to $25,000 is likely before a final collapse.
Ultimately, I think this bear market lasts well into next year. But there will always be Bear market Rallies.
Cheers!
I Posted an
ETH analysis a few days ago showing you why the charts are telling us that another move to $2000+ is in the cards, before the reality of a recession hits, and new lows under 1k are put inI posted it below if you want to check it out.
Though its in a different Pattern than
ETH, I will show you why Bitcoin is also screaming that another pump is around the corner.During the crypto rally in July/August, Bitcoin made a choppy move up Vs. Eth's more "straight up" impulsive move.
After a few weeks of downside, Bitcoin is once again sitting on that July Bottom.
If you look closely, Almost every bottom pattern in financial markets resemble (variation on the theme) one of two Patterns.
1. Inverse Head and shoulders.
2. "W" Pattern.
I believe we're looking at an almost complete W pattern on the 4H and Daily Time frames, in which the next move up would complete the second "leg" of the W.
Seeing what you believe is A strong corrective pattern on the higher time frames is one thing, but I personally don't have conviction in a trade unless there is also confluence on the lower time frames as well.
Well, Bitcoin is showing us exactly that.
Since August 28th, Bitcoin has presented choppy behavior (also a strong sign of a potential bottom) while holding a 6 day low. Again, on top of the strong bottom structure (support) from July.
On top of that, we re even seeing it chop down over the last 48 hours into those 6 day lows, for even more confluence.
Its hard to call how high or low a particular move will go, but I think $25,000 is a conservative target for this next leg up.
A few daily closes below $17,000 would invalidate the pattern and therefore the trade for me
In conclusion, BTC is showing us that the downside in august was just a correction in a bear market rally, and that one more move up to $25,000 is likely before a final collapse.
Ultimately, I think this bear market lasts well into next year. But there will always be Bear market Rallies.
Cheers!
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