BTC Present & Future, 50k EOY?
Updated
Hello fellow traders & hodlers!
Current price structure suggest re testing the higher-low soft-support of 8100. A breakdown of this area is making a re-test of the initial bullish swing of 7700-7800 inevitable.
This price area is crucial for us to if we want to maintain any bullishness in the short term, a break below this point is likely to send us to the mid-low of 6000 area and this would be bad for bitcoin.
I however see this breakdown to 6000 as unlikely as of now, as the pattern we are producing right now is suggesting a reversal when we hit near the support area of 7700$.
It's important to know that a complete trend reversal to a state of a bullish trend would be accomplished by breaking the resistance around 10.9-11k area.
If this happens, we can see bitcoin reaching a minimum of 23.5k or possibly even crazier highs in the later stages, to around 50k if we get another massive bull wave.
Current price structure suggest re testing the higher-low soft-support of 8100. A breakdown of this area is making a re-test of the initial bullish swing of 7700-7800 inevitable.
This price area is crucial for us to if we want to maintain any bullishness in the short term, a break below this point is likely to send us to the mid-low of 6000 area and this would be bad for bitcoin.
I however see this breakdown to 6000 as unlikely as of now, as the pattern we are producing right now is suggesting a reversal when we hit near the support area of 7700$.
It's important to know that a complete trend reversal to a state of a bullish trend would be accomplished by breaking the resistance around 10.9-11k area.
If this happens, we can see bitcoin reaching a minimum of 23.5k or possibly even crazier highs in the later stages, to around 50k if we get another massive bull wave.
Note
Fractal projectionNote
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