Bitcoin Uptrend Break but Hidden Bullish Wedge
Updated
Bitcoin finally hit it's target of 8900, completing that ABC minimum target i showed in my previous analysis. Just posted an update saying that Bitcoin is possibly doing a sneaky bullish wedge again, something we have seen twice before since the 4K low 3 months ago. You can see the support line on the right, would focus less on the resistance line, these wedges are not really great, focus more on the support line.
So in theory the ABC could be over already when it reached 8900. So now the big question is, do we rally again or make an even bigger correction. Today's drop was smaller than the previous one, so that gives bulls a decent chance, that the low might even be set already.
Think 8600ish is a key level now, if that one really breaks, big chance we might even drop to 7500ish. Even a drop to that level could still be bullish long term. Only way i would become a convinced long term bear, is if we see that 1k+ drop, something i have mentioned many times lately. Until that doesn't happen, even though i have been slightly bearish lately, at first only for a correction, unless we see that 1k+ day drop.
Short term, 9300 should be a big resistance now. Think above 9300, i will probably consider it neutral (maybe tiny bit bullish even). Key level for the bulls is prob still the 9600/700 zone. But to be really bearish, think we should stay below the 9300 from on. If we would see a big move up from that wedge, straight through 9300/400, then it's a big chance we will continue to go up. If we see a small breakout above 9300, than i consider it as neutral.
So big picture, 9700 and 8600 are the key levels. Any 100-300 point moves won't have a lot of meaning, anything above 300 i think, could tell us the trend for the coming week.
Don't forget to like if you appreciate this :)
Previous analysis:
So in theory the ABC could be over already when it reached 8900. So now the big question is, do we rally again or make an even bigger correction. Today's drop was smaller than the previous one, so that gives bulls a decent chance, that the low might even be set already.
Think 8600ish is a key level now, if that one really breaks, big chance we might even drop to 7500ish. Even a drop to that level could still be bullish long term. Only way i would become a convinced long term bear, is if we see that 1k+ drop, something i have mentioned many times lately. Until that doesn't happen, even though i have been slightly bearish lately, at first only for a correction, unless we see that 1k+ day drop.
Short term, 9300 should be a big resistance now. Think above 9300, i will probably consider it neutral (maybe tiny bit bullish even). Key level for the bulls is prob still the 9600/700 zone. But to be really bearish, think we should stay below the 9300 from on. If we would see a big move up from that wedge, straight through 9300/400, then it's a big chance we will continue to go up. If we see a small breakout above 9300, than i consider it as neutral.
So big picture, 9700 and 8600 are the key levels. Any 100-300 point moves won't have a lot of meaning, anything above 300 i think, could tell us the trend for the coming week.
Don't forget to like if you appreciate this :)
Previous analysis:
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New Bitcoin analysis:
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