Looking at this 4HR chart it seems Bitcoin could be up to something!
My whiskers are telling me that Bitcoin is at a critical level. If we move down from here I will be looking for a bounce at around $39,300. If that happens I would call this a Bullish 5-0 and would be looking for more upside. This would look like continuation and I would start to think the bullish trend is once again valid...at least until we get to the bottom of the blue channel!
If we dropped below that my next level to look for support would be around $34,600 to $33,000. If this level fails then for me this means we had a fake out break up out of the bull flag. This would be the signal to me that a longer term bearish trend is developing. If this plays out then my target for a bottom would be around $16,000.
A quick glance at the monthly chart shows that we need to finish the month above $48,102. If this doesn't happen then I will consider the Bullish Cypher in play. The PCZ of the Cypher on the monthly would be just above $16,000. I will post the monthly chart as an update to TradingView idea.
Owhooooo!
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Here is the monthly chart showing the potential Cypher that could take us down to about $16,000. This month is important.
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Looking for a bounce at $39,341.47
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Now I think it's a Bearish Crab. Either way (Shark or Crab), downside targets are in play.
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This is scary. (whimpers) Daily chart. I'd rather go down to $18,000 and bounce as opposed to following the blue line.
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