Short

Bitcoin struggling to get above resistance could lead price down

Updated

If Bitcoin cant get a solid foundation above $9400 then its possible we could see price fall down to $5450 or possibly even $4200.
If the price falls below $7450 then expect a long downward push
Bullish as soon as we break through the (smaller) descending channel

Note

Using Log scale I see a potential target of roughly $5500

Note

The rejection from $9400 has shown a continuation to the bearish trend.
The 42% move had many thinking the correction has ended
when it was only an X leg of a Triple combination WXYXZ
Using log scale a target of $5500 in Feb 2020 as a potential target

Note

Current Estimate
Still sure we are in a Triple Three combination WXYXZ
Currently in the B wave of the Z.
Looks like the A and B waves of an ABC are finishing
C target looks to be ~$8600-8750
FIb confluence zone meeting with Channel top around $8600

Note

Still my current estimate
Not my normal way of placing a Gann fan
but it seem to line well so a good test for me

KondrackiKarl

Also on:

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.