Bitcoin to 7.4k? and a bull run afterward? watch me ^^
Updated
For info watch the chart, if you agree with this setup and idea please surely follow me and give it a nice like!, much appreciated ;)
Will keep it updated
Will keep it updated
Note
Currently we are in an a.b.c wave (dark blue abc line)the expectation is that we will still take a step up to the 9.5 9.9k zone
to finish wave A to B, from B to C wave I expect a large correction to the 7.3 / 7.5k zone to form a new HL (high low) there
this corrective movement is needed to complete the ABC pattern and prepare for a new bull run,
Furthermore, in the blue zones we see a recognizable image just before a big drop that we made to the 6k,
however, the next bottom will not be as low as the previous 6k bottom, this has started because of the purple support line that arose for this bull run.
partly because of the support and a bullish diverence (bullish) is visible on several timelines, I expect a new bull market after this new bottom around the 7.4k zone.
if no crazy things happen we can now increasingly conclude that we are slowly but surely going out of this bull market on one condition, that the 7.4k is going to keep it
Note
wave 5 starting get rdy for 7.2k zone Note
Just a heads up to this TA, g20 meeting will be this weekend, i somewhat calculated the fud in but not so the effect it will be a questionmark to everyone what will be said, if its major we could see a bigger drop down and rly give btc a last blow in the face breaking the long purple support, this could mean we could see a 6k retest (perhaps a double bottom) or lower in the longer term, we will have to wait and sit this ride out, for now my target was 7.4k but the expected rate of dropping came sooner therefor the support zone is lower, my target is still in the 7k zone with perhaps a quick dip to 6.8k for a quick rebound up, unless g20 decides not to.please if you like my idea you can support me by following me and liking my idea! thanks ;)
Note
as expected the target was right on , thesame moment g20 decided to unload their guns this meeting for now, bullish news basicly, we can savely say now that the abc wave is finished and the existing wedge (not drawed in) is broken up time for a good bull run aslong it last :)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.