LOOK AT THE BIG PITCURE!!! *BITCOIN
Hey Traders,
Everyone is confused as f^ck with the bitcoin situation, including me, and here I have laid out a possible scenario for this next move.
One thing is clear is we are in a clear downtrend and fighting the 20k ,18k down trend line. We can draw a Inverse H&S on this downtrend line and IF bitcoin is able to complete the formation we could see upside to around 15k .
But if we fail that resistance one more time we can expect to find new lows around 4k and 3k . I have laid it out in this chart and I hope you enjoy!
Heading down to 3k would also complete the ABC correction pattern from 20k to 11k if the correction isnt over.
For the current situation we should see a bounce at around 7,300-7,200 to get to the downtrend line for one more touch at 8,500.
THE ONLY 2 POSSIBILITIES HERE.
-Thank you and trade safe, Toaby
Everyone is confused as f^ck with the bitcoin situation, including me, and here I have laid out a possible scenario for this next move.
One thing is clear is we are in a clear downtrend and fighting the 20k ,18k down trend line. We can draw a Inverse H&S on this downtrend line and IF bitcoin is able to complete the formation we could see upside to around 15k .
But if we fail that resistance one more time we can expect to find new lows around 4k and 3k . I have laid it out in this chart and I hope you enjoy!
Heading down to 3k would also complete the ABC correction pattern from 20k to 11k if the correction isnt over.
For the current situation we should see a bounce at around 7,300-7,200 to get to the downtrend line for one more touch at 8,500.
THE ONLY 2 POSSIBILITIES HERE.
-Thank you and trade safe, Toaby
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.