Bitcoin New Highs or Double Top ? Brutality to Bears ? :)
Bitcoin just formed the bull flag. Whenever there is a trend with lots of strength, corrections tend to be very brief (38.2% - 50% at most), if price forms a sort of falling wedge (or call it a bear trend if you like) after an extreme impulse then it is a sign of strength not weakness.
There are two possibilities:
1. BTC may fail to surpass the 42k resistance and make a double top, and may continue it's correction or simply enter a range ( the latter more likely if that happens).
2. BTC may repeat it's impulse, and reach the targets marked above.
If it replicates it's prior impulse (line in purple), then it may catapult to 50k. (optimistic)
If it makes a measured move based on the size of its sort of falling wedge then it may reach 45k - 46k. (moderate)
If it makes a double top and fails it may comeback to the 42k, kiss it, and return to its range.
Now the dream target would be if it makes a measured move of the vertical length of the pole of the bull flag to around 60k but honestly I would not dare to call it a target for now. (overly optimistic)
For now the breakout was with descent volume, the Accumulation Distribution is trending above its Ema13 (black / aqua), and price changed its trend.
The biggest challenge will be to break the 42k.
Remember that 50k is a psychological number and if it is reached it is very likely it will encounter great amounts for resistance and profit taking.
PS. Just an opinion, trade carefully, and do your research, don't get too excited or to depressed, keep it cool. Educate your self. We are our own masters of our trades. Best of Best! :)
A LIKE would be extremely and massively appreciated. Thanks in advance!
There are two possibilities:
1. BTC may fail to surpass the 42k resistance and make a double top, and may continue it's correction or simply enter a range ( the latter more likely if that happens).
2. BTC may repeat it's impulse, and reach the targets marked above.
If it replicates it's prior impulse (line in purple), then it may catapult to 50k. (optimistic)
If it makes a measured move based on the size of its sort of falling wedge then it may reach 45k - 46k. (moderate)
If it makes a double top and fails it may comeback to the 42k, kiss it, and return to its range.
Now the dream target would be if it makes a measured move of the vertical length of the pole of the bull flag to around 60k but honestly I would not dare to call it a target for now. (overly optimistic)
For now the breakout was with descent volume, the Accumulation Distribution is trending above its Ema13 (black / aqua), and price changed its trend.
The biggest challenge will be to break the 42k.
Remember that 50k is a psychological number and if it is reached it is very likely it will encounter great amounts for resistance and profit taking.
PS. Just an opinion, trade carefully, and do your research, don't get too excited or to depressed, keep it cool. Educate your self. We are our own masters of our trades. Best of Best! :)
A LIKE would be extremely and massively appreciated. Thanks in advance!
Catatan
Catatan
False breakout, with lots of volume, it will be a fierce battle.There are still people willing too short. If they are short squeezed then the impulse will be a good one.Catatan
There it goes. Now it has to break out the 42k.Catatan
Nice Volume, but not yet out of it´s consolidation zone
“All fixed set patterns are incapable of adaptability or pliability. The truth is outside of all fixed patterns” BL
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Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.
“All fixed set patterns are incapable of adaptability or pliability. The truth is outside of all fixed patterns” BL
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.