Potential Double Top at $13,400-14,400 by Sunday Monthly Close

Updated

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This is a short-term action plan with finally some good action in the past few hours on Bitcoin. We are heading towards the Monthly and Weekly close this Sunday on Bitcoin and we should always be prepared for both eventualities.

Bull scenario: (higher possibility) The IH&S green bullish pattern would send us to retest $13,400-14,400 by Sunday for a double top before dropping back down to test $11,000. The action around $11,000 will be very important as it is the long-term bull neckline from June.

Bear scenario: The green IH&S would fail and we would sell off Saturday through Sunday close lower and lower below $11,000 as we get pushed by the resistance of the descending triangle. This would be the bearish continuation of our purple fractal down to $10,000-9,000 and eventually $8,700-7,600 that we published yesterday

The Bitcoin Megabull starts Mid October 2019 Towards $200,000

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So far the top of the descending triangle has been hit on Bitcoin at $12,000-11,900 in the past few hours.

The bulls would most likely get their confirmed break out if $12,200 is hit from the current angle. Lets keep watching the action closely. I expect a move in the next 12 hours roughly.

Beware of high volatility ahead in the next 72 hours and stophunts!!!

Note

So far the bulls lost the IH&S bull reversal (green) overnight. The bears are a bit more in control with this move down to and below $11,200-11,000. However a confirmation with a drop to $10,250 is still needed to send us a bit deeper within our first buy area of $10,000-9,000 which can be narrowed down to $9,770-9,000. Note that we may see our other purple fractal play out as well to $8,700-7,600 so have buy orders set there just in case

So far as it stands the Weekly and Monthly close will be a bit bearish unless we can make our way back up to $11,400+. The Weekly would show a potential shooting star bear reveral candlestick as it stands right now.

Note

The weekly closed bearish for the first time in 3 months after showing a blow off top and shooting bear reversal. This blow off top touched the top Monthly band at $13,400-13,880 before getting a strong rejection. Typically this means the bull run has now ended and Bitcoin will need as I

I see no need to update this chart from this point forward as short-term it served its purpose and shown that the IH&S was cancelled and the bulls failing at a crucial time they should have showed up.

The bears will soon take this to $10,250 and below. Simply place buy orders as advised at the 50%-61.8% Fib around

Note

*around $8,700-7,600

Bear scenario: The green IH&S would fail and we would sell off Saturday through Sunday close lower and lower below $11,000 as we get pushed by the resistance of the descending triangle . This would be the bearish continuation of our purple fractal down to $10,000-9,000 and eventually $8,700-7,600 that we published yesterday

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The Bitcoin Megabull starts Mid October 2019 Towards $200,000

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