BTC Movement Analysis Volatility Ahead! Read the analysis.
Updated
While a lot of people are turning bearish, they will get burnt by the next move.
BTC showed a bearish divergence and forming a small H&S (We just finished the head now). It's very likely that BTC will move up in the next 4-24 hours to complete the right shoulder then come down to retest the current support at 11K. It's very likely that it will break the support down to move toward the next blue box at 10K which happens to be a SMA, DEMA (Green curved line), and a Fibonacci line (Dotted bold lines).
The 10K will be a very strong support to break since it's psychological and all these 3 meet around it. Once we touch the 10K, BTC is most likely to blast through the current resistance and breaking through the downtrend correction line to begin the uptrend toward 26K+.
If you're not a professional trader, I recommend you hold your positions and not panic since the big bull runs are coming in the next 3 months for BTC and alts
BTC showed a bearish divergence and forming a small H&S (We just finished the head now). It's very likely that BTC will move up in the next 4-24 hours to complete the right shoulder then come down to retest the current support at 11K. It's very likely that it will break the support down to move toward the next blue box at 10K which happens to be a SMA, DEMA (Green curved line), and a Fibonacci line (Dotted bold lines).
The 10K will be a very strong support to break since it's psychological and all these 3 meet around it. Once we touch the 10K, BTC is most likely to blast through the current resistance and breaking through the downtrend correction line to begin the uptrend toward 26K+.
If you're not a professional trader, I recommend you hold your positions and not panic since the big bull runs are coming in the next 3 months for BTC and alts
Note
Red line are historical support and resistance linesYellow are downtrend channels
Dotted are Fibonacci lines
DEMA is green and curved
SMAs are purple, blue and black
The thick line at the bottom is BTC original uptrend line which actually held very well at the correction to 6K.
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