Bitcoin. Setting up for another Pump ?
Updated
If it is useful Please LIKE and FOLLOW. Just a personal opinion.
Hello traders,
Lets break this out:
1. Ascending Bullish Triangle. Suggesting that in every dump there are less and less sellers, supply is getting scarce. People are buying the dips at a higher price. Sellers are selling at a fixed price at the top. 50k is simply a very marked psychological number.
2. Spotted the possibility of a bearish butterfly harmonic pattern. This to get some possible short term targets which lie between 51k and 53k. Harmonics are simply structures based on fibonacci levels to try to determine possible areas of reversal. In this case these were simply drawn to try and get some targets at the 1.27 and 1.618 extensions which is common for this structure.
3. We got our third and most optimistic target by projecting a measured move up from the ascending triangle pattern, by projecting the distance from the lowest point to the highest point of the ascending triangle which gives a possible target of 57k.
4. If and only if this goes to this area of prices we could expect a MACD divergence and could trigger a larger pullback.
As long as BTC trades below its record high we are still in a super gray area.
What worries me a bit is that gap on the Chicago Mercantile Exchange (BTC!) at 20k, it is still possible we get there.
For now it seems that the bulls want to take it up a bit more. Who knows perhaps they will take it to 100k or 1M. but it is impossible to predict.
It is much better to go day by day and see what the market tells us.
Patterns are just patterns, perhaps they only exist in our brains and that's it, but at least it is a structured way of analyzing the prices and serves us to make good trading plans and get possible scenarios.
Well my dear friends. wish you the BEST of the BEST. Don't get too hyped or too depressed. Step by step is the best way.
Cheers and happy trading!
Hello traders,
Lets break this out:
1. Ascending Bullish Triangle. Suggesting that in every dump there are less and less sellers, supply is getting scarce. People are buying the dips at a higher price. Sellers are selling at a fixed price at the top. 50k is simply a very marked psychological number.
2. Spotted the possibility of a bearish butterfly harmonic pattern. This to get some possible short term targets which lie between 51k and 53k. Harmonics are simply structures based on fibonacci levels to try to determine possible areas of reversal. In this case these were simply drawn to try and get some targets at the 1.27 and 1.618 extensions which is common for this structure.
3. We got our third and most optimistic target by projecting a measured move up from the ascending triangle pattern, by projecting the distance from the lowest point to the highest point of the ascending triangle which gives a possible target of 57k.
4. If and only if this goes to this area of prices we could expect a MACD divergence and could trigger a larger pullback.
As long as BTC trades below its record high we are still in a super gray area.
What worries me a bit is that gap on the Chicago Mercantile Exchange (BTC!) at 20k, it is still possible we get there.
For now it seems that the bulls want to take it up a bit more. Who knows perhaps they will take it to 100k or 1M. but it is impossible to predict.
It is much better to go day by day and see what the market tells us.
Patterns are just patterns, perhaps they only exist in our brains and that's it, but at least it is a structured way of analyzing the prices and serves us to make good trading plans and get possible scenarios.
Well my dear friends. wish you the BEST of the BEST. Don't get too hyped or too depressed. Step by step is the best way.
Cheers and happy trading!
Note
Beautiful Short Squeeze.Note
First level already reached. Will it take out the remaining two? There seems to be some rocket fuel left .Note
Almost took out the second, it is possible it ranges from here to form a top and then do that major pullback that has been in wait for some time.
“All fixed set patterns are incapable of adaptability or pliability. The truth is outside of all fixed patterns” BL
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.