What a Bitcoin correction could look like short term!
Updated
I drew up this simple projection chart to help myself understand where we are in the holiday move for Bitcoin.
Fibonacci retracements for the leveling, and some fancy art work to calm the soul :D
I am however concerned we are forming a head and shoulders pattern here on the 15min chart, leading me to believe we may have a short term forcast to the 1, and the 78 fib
That would give us support down toward 37,200 as we come into the longer up trend .
I feel like we may touch the 1 fibonacci, but that could be perhaps where we initially bounce up
If we develop a head and shoulders id expect another leg down
Bitcoin to 41,937, and ultimately 61k
Perhaps we hang out a bit above 35k first. We may have double topped on the 40k resistance. Which is healthy and expected initially.
Fibonacci retracements for the leveling, and some fancy art work to calm the soul :D
I am however concerned we are forming a head and shoulders pattern here on the 15min chart, leading me to believe we may have a short term forcast to the 1, and the 78 fib
That would give us support down toward 37,200 as we come into the longer up trend .
I feel like we may touch the 1 fibonacci, but that could be perhaps where we initially bounce up
If we develop a head and shoulders id expect another leg down
Bitcoin to 41,937, and ultimately 61k
Perhaps we hang out a bit above 35k first. We may have double topped on the 40k resistance. Which is healthy and expected initially.
Note
Id like to find some support at the 37000 handle, but i think a healthy correction would bring us down to 36,200 before continuing forward. This can all be changed with institutional money coming in.Thats the problem with trading Bitcoin right now. Most of the dips will trigger your stops, but all of the downside is usually absorbed right back up thru institutional money. Everyday there is a new hedge fund, a new CEO, a new billionaire, a new government adopting bitcoin, new positive news. I may focus my trading else where and just add to my Bitcoin position on any good corrections we see.
Reality is, selling is very risky right now. We will see 100k this year, hopefully before summer so i can get that m00n lambo.
This is not a bearish chart unless your trying to short.
Note
I would also expect 35,300 to be hard supportNote
bounced nice off the 200ma on the 15m chart, looking like we may resume along the teal trend and as we move up and retest all time highs, we will have gained much more moment. Probably going to see a lot of shorts liquidated only driving the price higher!
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