BTC few dayes to determine bull vs bear ($11.8K vs $9.8K)
Since we touched the local bottom at ~$6K, we have had a bull run, forming fractals of H&S. It seems that we are getting closer to a big decision point.
EW counts nicely for the current bull run from $6K towards ~$11.8K. At the same time, we are formin a larger H&S. CBOE contract closing on 23nd could also have some say in this.
I believe we will get a bounce from ~11.8K - $12K range to perform the right should in the inverted H&S. This will also match an EW ABC pattern.
* Support at $9.8K-$10K:
If it holds, we rally up to the neckline of H&S, and if broken we enter bull market. Target will be around $17K with chances of new ATH.
If it does NOT hold, we proceed with bear market, and market needs to decide how low it can go. Major previous trendlines is visualized. Worst case we hit the bottom of channel, but I find this very unlikely to go that low - time will show :)
EW counts nicely for the current bull run from $6K towards ~$11.8K. At the same time, we are formin a larger H&S. CBOE contract closing on 23nd could also have some say in this.
I believe we will get a bounce from ~11.8K - $12K range to perform the right should in the inverted H&S. This will also match an EW ABC pattern.
* Support at $9.8K-$10K:
If it holds, we rally up to the neckline of H&S, and if broken we enter bull market. Target will be around $17K with chances of new ATH.
If it does NOT hold, we proceed with bear market, and market needs to decide how low it can go. Major previous trendlines is visualized. Worst case we hit the bottom of channel, but I find this very unlikely to go that low - time will show :)
Comment:
Things started to go a bit faster than expected... Anticipating $9.8K levels.
Comment:
We are approaching the right shoulder, lets see if we break support around 9.8-10 or we bounce off. It looks like the majority LONG from CBOE will be wrong...