Chart is self explainatory. Views are my own. NOT trading advice.
I have been following this for a while and the pattern is playing so far as expected. I think that what happens in the next few days/weeks will define whether we are going bullish soon or whether we continue the bearish trend towards the $3000 level. If we retrace all the way, that would indicate an end of cycle, this could potentially last up to 1 1/2 yrs like it did in 2014.
Scenario 1) I'm slightly biased towards a bounce off $7k area. I think BTC -3.80% will see $11k again soon. We will need an update then. My bias towards this outcome is minimal, maybe 55-45%.
Scenario 2) Breaking the zone of key support is a possibility, if we do, then we are likely to see $3k levels and a LONG period of declining prices until we reach an accumulation zone.
I have been following this for a while and the pattern is playing so far as expected. I think that what happens in the next few days/weeks will define whether we are going bullish soon or whether we continue the bearish trend towards the $3000 level. If we retrace all the way, that would indicate an end of cycle, this could potentially last up to 1 1/2 yrs like it did in 2014.
Scenario 1) I'm slightly biased towards a bounce off $7k area. I think BTC -3.80% will see $11k again soon. We will need an update then. My bias towards this outcome is minimal, maybe 55-45%.
Scenario 2) Breaking the zone of key support is a possibility, if we do, then we are likely to see $3k levels and a LONG period of declining prices until we reach an accumulation zone.
Komentar:
I saw the pattern forming about 10 days ago and it has been holding true so far. This is a reversal pattern which you are only supposed to draw once it has occurred (I'm fully aware of that). I'm not using the harmonics ratios, it's mostly a representation of what could happen.
Komentar:
Here's a short term view of what I think BTC might do in the next few days. Breaking out of the pink falling wedge could change the outcome and a re-draw will be needed.
Komentar:
Bitcoin moving as charted, I'm still biased towards a bounce off key support. We have a fractal right now.
Komentar:
This old chart still stands valid. While the "gurus" have changed their minds 1 million times... Anyway we are not yet out of the woods, lets see if this breakout holds or not.
