*please note that this chart has been "flipped" so is upside down.
It's difficult to ignore the number of indicators and chart patterns that are signalling a move up for Bitcoin:
- Bullish div in daily RSI
- Oversold daily RSI
- Breakout of downtrend (both RSI and chart pattern)
- Near-touch of the previous ATH
Etc
HOWEVER this idea is a "what-if-everyones-wrong" hedge. We've already seen a break in the uptrend that was in play since Oct 23 so it is feasible that if we break through again we could see a significant move down to the sound of -30% which would re-test the 618 fib and is a liquidity-rich Zone.
Entry @ 94K (which ironically is also the 618 measuring from ATH to the local trough @ 74.5K) which coincides with the random "pump" we saw on Sunday 2nd March. I think the crypto God's are telling us something with this particular price point/wick.
Estimated flight time is roughly 2 months (back end of June).
It's difficult to ignore the number of indicators and chart patterns that are signalling a move up for Bitcoin:
- Bullish div in daily RSI
- Oversold daily RSI
- Breakout of downtrend (both RSI and chart pattern)
- Near-touch of the previous ATH
Etc
HOWEVER this idea is a "what-if-everyones-wrong" hedge. We've already seen a break in the uptrend that was in play since Oct 23 so it is feasible that if we break through again we could see a significant move down to the sound of -30% which would re-test the 618 fib and is a liquidity-rich Zone.
Entry @ 94K (which ironically is also the 618 measuring from ATH to the local trough @ 74.5K) which coincides with the random "pump" we saw on Sunday 2nd March. I think the crypto God's are telling us something with this particular price point/wick.
Estimated flight time is roughly 2 months (back end of June).
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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.