Will BTC go to 14220? / Examining Rebound to 20200
Updated
This is an update from my previous posts (see related ideas below).
A huge double-top is set up, so we would see a new low if support is broken.
On the other hand, we could also see a bullish dragon (green triangle; double-bottom and diagonal resistance).
-Short to Middle-Term Bearish Scenario
Maybe considerable downfall, but where to land?
Speculation.
Given the Gann Square and arcs, which BTC arguably respects, symmetrical movement across its horizontal radius isn't unimaginable.
My primary scenario is BTC will finally bottom around 12500, and the secondary is sub-10000 at a selling climax, but BTC always betrays our expectations.
So around 14220, Fibonacci Extention 1.272 of the double-top, could also be a point to watch.
-Short-Term Bullish Scenario
If the price breaks the resistance lines to form a bullish Dragon pattern (green, for example), a rebound to 20200 or higher is possible.
Note
Gann Square, the built-in smart tool of TradingView, is provided with many fans and arcs. If properly plotted, every single one of them is considered to serve as S & R. Not to mention their crosspoints.In this chart, I applied it basically so that only the strong movements (e.g. progressive waves in the E.W. Theory) in the trend direction penetrate the arcs and the crosspoints. The third and fifth arcs are said to be stronger than the others.
Warning:
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