BTC (Y20.P5.E3).Macro.Bullish scenarios
Updated
Hi,
Its getting hard now, isn't it. My charts explain my thoughts for the 2 scenarios.
I see this level as a small H&S just like a smaller version in August, chart below.
However its possible that this is another Wychoff scenario, a continuation pattern.
If the current support level doesn't hold, it opens the door for further downs as per chart, still remains bullish.
Making use of the Bitcoin log growth curve tool, we might have a bit more to go for the next major fib level, as per chart below.
Head and shoulder scenario
If current support level doesn't hold, it opens the door for further downs as per chart, still bullish.
However breaking this red zone, opens it for a deeper pullback.
August 2020, using the top structure formation to point out the H and S scenario (ref.H.chart)
Just leaving it at that.
All the best.
S.SAri
Its getting hard now, isn't it. My charts explain my thoughts for the 2 scenarios.
I see this level as a small H&S just like a smaller version in August, chart below.
However its possible that this is another Wychoff scenario, a continuation pattern.
If the current support level doesn't hold, it opens the door for further downs as per chart, still remains bullish.
Making use of the Bitcoin log growth curve tool, we might have a bit more to go for the next major fib level, as per chart below.
Head and shoulder scenario
If current support level doesn't hold, it opens the door for further downs as per chart, still bullish.
However breaking this red zone, opens it for a deeper pullback.
August 2020, using the top structure formation to point out the H and S scenario (ref.H.chart)
Just leaving it at that.
All the best.
S.SAri
Note
Major bearish divergence, which will give us a pullback, but not deep.Daily RSI has hit resistance level of previous pullback.
Weekly RSI can wave like previous times.
Note
looking to drop to the next level as per Wyckoff model.
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