The chart is looking like a leading diagonal.
The price bounce off the symmetrical triangle in the chart below indicating a short term bullishness. However this could be the last wave going up to 60 000USD below a big dump on the market.
Bullish case - we break 60 000USD on the daily timeframe and this would break the leading diagonal pattern and confirms bull trend.
Bearish case - we reach 60 000USD and correcting. The corrections needs to be with the upmoving trend line. The bottom will be 50 000USD.
Bear Market case - We break 50 000USD on higher timeframe and the next stop will be 41000USD. In this case, the bulls would lose the momentum it built for the past year and we might see lower numbers over time.
The price bounce off the symmetrical triangle in the chart below indicating a short term bullishness. However this could be the last wave going up to 60 000USD below a big dump on the market.
Bullish case - we break 60 000USD on the daily timeframe and this would break the leading diagonal pattern and confirms bull trend.
Bearish case - we reach 60 000USD and correcting. The corrections needs to be with the upmoving trend line. The bottom will be 50 000USD.
Bear Market case - We break 50 000USD on higher timeframe and the next stop will be 41000USD. In this case, the bulls would lose the momentum it built for the past year and we might see lower numbers over time.
Note
This is the triangle I was referring to above.
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Critical point
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If the unable to bounce here, we going to see a correction down.Note
It dumped as expected and bounced off 0.5 fib level. We recommend to observe at this point.
Here is a good spot entry, leverage is not recommended.
Note
Case 1 - we bounce from here going up to ATH
Case 2 - we will correct to further low in a ABC format down to 51700USD and 49600USD
Case 3 - we further dump below 50000USD on the daily and confirms bearish trend
Note
Note
Observing for case 1 above unless we break down 56000USDNote
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Case 2Note
Case 2 in the play as expected
Trade closed manually
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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.