As BTC continues to decline in price, let's look at potential recovery points based on knowns.
* Clear H&S painting on the chart.
* Bitcoin likes .618 reversals.
* Channel bottom, tops and median price reversals
Based on the above knowns, let's calculate some potential reversal targets.
- Target #1 ($28k)
Provided there's a neckline break and follow through, the head to shoulder measurement of 1.618 lines up nicely with the entire .618 retrace of 3.9k move up to 69k
- Target #2 ($35k)
Given the previous channel reactions and price reversals (tops, median, & bottom), we should expect to see price retest and react similarly at the $35k ish bottom to confirm bullish continuation or further decline.
- Target #3 ($45k)
H&S fakeout. If there's one thing you can count trading Bitcoin it is.... uncertainty! In the years trading it, I've seen many H&S fakeouts with follow-through pumps out of no where. In this case, CONFIRM there's a breakdown before entering a trade. BTC could easily reverse at the neckline and continue higher.
Hope this was helpful. Trade SAFE!
NOTE: Entertainment ONLY. Not investment advice.
* Clear H&S painting on the chart.
* Bitcoin likes .618 reversals.
* Channel bottom, tops and median price reversals
Based on the above knowns, let's calculate some potential reversal targets.
- Target #1 ($28k)
Provided there's a neckline break and follow through, the head to shoulder measurement of 1.618 lines up nicely with the entire .618 retrace of 3.9k move up to 69k
- Target #2 ($35k)
Given the previous channel reactions and price reversals (tops, median, & bottom), we should expect to see price retest and react similarly at the $35k ish bottom to confirm bullish continuation or further decline.
- Target #3 ($45k)
H&S fakeout. If there's one thing you can count trading Bitcoin it is.... uncertainty! In the years trading it, I've seen many H&S fakeouts with follow-through pumps out of no where. In this case, CONFIRM there's a breakdown before entering a trade. BTC could easily reverse at the neckline and continue higher.
Hope this was helpful. Trade SAFE!
NOTE: Entertainment ONLY. Not investment advice.
Note
Looks like potential breakdown here... S&P also dumping. Keep an eye out for fakeout reversal, but so far BTC is still in parity with equities markets. Note
Good example here showing BTC correlated with equities markets on Pump n Dumps. Note
My current thoughts on price action and trajectory. Note
It's clear the S&P 500 and BTC are in parity. NOT good if the FED raises rates in 2022. You can expect Bitcoin to plummet temporarily along with equities markets for flight to cash. Good luck! Note
Partial Bart Breakdown. Trade closed: target reached
Target bounce zone reached! Time to look for LONG opportunities. Cheers!
Note
Important to note, Target #1 reached the bounce zone.
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.
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.