Updated Supply takeout pattern v2
In my initial write up i had mistakenly used the wrong settings to find volume , this has caused the resistance zone to be misplaced in the original.
It has since been updated in this chart and BTC should continue to avoid this remaining in this supply zone for some time. While im still uncertain of how far this BTC correction will play out for i do believe we are setting up my 'Supply take out' pattern. I will continue to look over this current formation and compare similarities between the previous - making sure to update any write ups when i have further news.
BTC has recently faced a bearish cross on the daily chart and has also lost the 200ma so while BTC avoids death for now , it wont take much to drag it down. The bullish side has yet to lose and the amount of HODL BTC continues to rise in amount as this dip continues. I will be treating this dip as a bear trap as i strongly believe this is just the leadup to a huge run up . If we successfully follow my pattern i have an target of 80k for Q1 of 2022 !
I will continue to update you with the progression of this chart ...
-Oz
It has since been updated in this chart and BTC should continue to avoid this remaining in this supply zone for some time. While im still uncertain of how far this BTC correction will play out for i do believe we are setting up my 'Supply take out' pattern. I will continue to look over this current formation and compare similarities between the previous - making sure to update any write ups when i have further news.
BTC has recently faced a bearish cross on the daily chart and has also lost the 200ma so while BTC avoids death for now , it wont take much to drag it down. The bullish side has yet to lose and the amount of HODL BTC continues to rise in amount as this dip continues. I will be treating this dip as a bear trap as i strongly believe this is just the leadup to a huge run up . If we successfully follow my pattern i have an target of 80k for Q1 of 2022 !
I will continue to update you with the progression of this chart ...
-Oz
Related publications
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.