Wow! What a great result from our previous analysis, make sure to check that out below.
I hope everyone is doing well. Here is a simple idea, of how bitcoin may make a sharp recovery as traditional markets reopen today.
It's just an idea, use your own judgement =)
I hope everyone is doing well. Here is a simple idea, of how bitcoin may make a sharp recovery as traditional markets reopen today.
It's just an idea, use your own judgement =)
Note
At this point, I think we can say there's a fairly decent chance of this being a reversal rather than a retracement. That's of course, not guaranteed, and you know, even just strictly technically speaking, there are a lot of factors going into our bias.Again, strictly from a technical perspective, there can always be multiple patterns, causing multiple reactions, across multiple timeframes.
But here, we again see a nice precision bottom from fib, and a fairly decent reaction, 8.7% at the time of this comment.
The targets I've given are based on the assumption that this pattern is strong enough to cause a REVERSAL, not just a REACTION.
We'll know the truth within the next 12 - 24 hours, but I'm quite hopeful for bitcoin in the short to mid term....and the long term.
You know what, I just like bitcoin, and am probably a russian shill, so you know...do your own analysis or whatever
love you all my dear children, good luck
Note
also guys, make sure to check out my previous analysis (of which there are several) here:
The others are all linked together, but the fact that I only have 50 likes on that chart makes me sad. I put at least as much effort into that idea as I did into macaroni art in 1997.
Note
Target 1 hit, I think it has plenty more left in it, and the targets in this chart are just the technical ones from the pattern. If/when target 2 hits I definitely wouldn't close 100% of your longsNote
When I post targets I try to be a little bit conservative. I doubt anyone is really following my ideas that closely but the last thing I want is to get someone rekt because of meNote
Around this 51k range, I will be slightly more cautious. I'm certainly in the wait phase of crypto trades - not the open phase. While believe this has the wheels to go higher, I'm going to need to see a couple more dailies before we start declaring never again 50k. Good luckNote
That's target 2Note
Alright, now is the big question. Do we reverse toward ATH or back down and cool off some more? I'm really happy with how this pattern worked out for trading intra-day, but when I get up tomorrow I'll need to do another analysis of BTC on higher time frames, probably unlike any I've done in the past 6 months. Basically, I think this is a really important point, and it deserves its own analysis with my vision for bitcoin moving forward. Our last analysis, posted above, gave the exact road map from last September until now. It's time to draw our next one.
Note
Just to let everyone know...the *most* bullish scenario is continuing back up to target 3 of the pattern, but this one is much less sure. Especially on the H4 timeframe in such a crucial area, I would not use it to base a trade on from here. *But* if we did break out from here again, 58k is all but guaranteed to happen again.
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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.