BITCOIN'S BULLISH AND BEARISH SCENERIO
Price is presently being held bound within a range—10300-10600 in the last 24 hours on a very weak volume, which to me looks pretty dangerous as a whale manipulation could easily push price in any direction.
Presently we are seeing two pattern formation on the chart— the bullish gartley pattern and the bearish cypher patern.
A move to the upside from current price position could see the completion of the bearish cypher pattern anywhere around the 0.5 fib retracement level of the entire move from the local top at 13900+ down to our local bottom at 9049.
On the flip side, a move to the down side from current price position could see the completion of the bullish gartley pattern at 8400 level.
Likely Expectation Of Both Scenerio:
The Bullish Scenerio:
If price moves up from current position, there is a confluence of resistance between 10750-11100. In addition, we have the 0.382 fib level at 10897 and another resistance formed by the 200 MA (thin orange line) at 10950 all making this conflence area (10750-11100) a very strong resistance area.
A break above above this confluence (11100) however, will trigger more long positions that will push price up to any where around the resistance levels formed by the 0.618 fib retraqcement level at 12000 and the down trend line resistance of the macro trend at 12400.
I expect to see a reversal any where around this level.
The Bearish Scenerio:
If we get a rejection from between the 10750-11100 resistance area, or price begins to correct from current position of 10618 , i will be looking forward to a completion of the gartley pattern down to 8400-8000 level, in which case, my down side targets are:
10300
10000-9800
9500-9049
8500-8400
8000 (20 week EMA)
On completion of the gartley pattern, i expect to see a wick down to the 20 week EMA at 8000-8100 area IMO.
NOTE:
If you are looking for an entry (short position) at the completion of the cypher pattern, i will advice you use a wider stop loss that is above 12400, as we may see price volatility within this area.
Also if you are looking for entry (long position) at the completion of the gartley pattern, i will advice you also use a wider stop loss that is below 8000 as we may see a wick down to the 20 week EMA at 8000-8100 area.
Presently we are seeing two pattern formation on the chart— the bullish gartley pattern and the bearish cypher patern.
A move to the upside from current price position could see the completion of the bearish cypher pattern anywhere around the 0.5 fib retracement level of the entire move from the local top at 13900+ down to our local bottom at 9049.
On the flip side, a move to the down side from current price position could see the completion of the bullish gartley pattern at 8400 level.
Likely Expectation Of Both Scenerio:
The Bullish Scenerio:
If price moves up from current position, there is a confluence of resistance between 10750-11100. In addition, we have the 0.382 fib level at 10897 and another resistance formed by the 200 MA (thin orange line) at 10950 all making this conflence area (10750-11100) a very strong resistance area.
A break above above this confluence (11100) however, will trigger more long positions that will push price up to any where around the resistance levels formed by the 0.618 fib retraqcement level at 12000 and the down trend line resistance of the macro trend at 12400.
I expect to see a reversal any where around this level.
The Bearish Scenerio:
If we get a rejection from between the 10750-11100 resistance area, or price begins to correct from current position of 10618 , i will be looking forward to a completion of the gartley pattern down to 8400-8000 level, in which case, my down side targets are:
10300
10000-9800
9500-9049
8500-8400
8000 (20 week EMA)
On completion of the gartley pattern, i expect to see a wick down to the 20 week EMA at 8000-8100 area IMO.
NOTE:
If you are looking for an entry (short position) at the completion of the cypher pattern, i will advice you use a wider stop loss that is above 12400, as we may see price volatility within this area.
Also if you are looking for entry (long position) at the completion of the gartley pattern, i will advice you also use a wider stop loss that is below 8000 as we may see a wick down to the 20 week EMA at 8000-8100 area.
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