BTC nostalgic for when it was 13
BTC chart shows BTC hanging by a thread from multiple angles. all kinds of analysts out there are calling bottoms because of some reason or another. The truth is... no one really knows. TA is not about making bold predictions. Its about charting possible scenarios. In this post, I will chart the scenario where BTC revisits 13K region
There is a large H&S formation at the top of the chart where the head is the ATH (wave B) whos target is between 13-15K (depending how you draw the IHS). there is a smaller H&S that I will share in an update right now (look below) that targets 13K region. this H&S is inside the flat correction and the new wave explained below.
My analysis shows that after the june drop to 17.5K, we started a correction (flat correction) which is essentially an ABC, followed by another ABC then a 12345. Had BTC price action risen above the start of the last wave 1, we could have assumed more upside as the next corrective combo structure would have been "any 3" or another zigzag wave but that didnt happen signalling that a new wave stared.
This new wave is heading down and is looking like it will form a bullish wedge. The target if that wedge seems to be in the 13K region and if you recall, we broke out of a very consolidated 13K region late 2020 like knife through butter. was very surprising at the time. anyway, fast fwd to today and there are many reason s to believe a revisit will take place.
I wanted to share the big picture chart so you see everything and so i didnt add more info so i dont clutter the chart more than it already is but there is a long term descending resistance line that BTC is currently struggling with and at which another strong rejection may trigger a massive sell off. Not to mention that we have major traditional markets economic data looking nasty and i cant remember a time where BTC was so closely correlated to traditional markets.
Remember, this is not financial advice. Its only a bearish scenario. DYOR
There is a large H&S formation at the top of the chart where the head is the ATH (wave B) whos target is between 13-15K (depending how you draw the IHS). there is a smaller H&S that I will share in an update right now (look below) that targets 13K region. this H&S is inside the flat correction and the new wave explained below.
My analysis shows that after the june drop to 17.5K, we started a correction (flat correction) which is essentially an ABC, followed by another ABC then a 12345. Had BTC price action risen above the start of the last wave 1, we could have assumed more upside as the next corrective combo structure would have been "any 3" or another zigzag wave but that didnt happen signalling that a new wave stared.
This new wave is heading down and is looking like it will form a bullish wedge. The target if that wedge seems to be in the 13K region and if you recall, we broke out of a very consolidated 13K region late 2020 like knife through butter. was very surprising at the time. anyway, fast fwd to today and there are many reason s to believe a revisit will take place.
I wanted to share the big picture chart so you see everything and so i didnt add more info so i dont clutter the chart more than it already is but there is a long term descending resistance line that BTC is currently struggling with and at which another strong rejection may trigger a massive sell off. Not to mention that we have major traditional markets economic data looking nasty and i cant remember a time where BTC was so closely correlated to traditional markets.
Remember, this is not financial advice. Its only a bearish scenario. DYOR
BiloCrypto
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