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.
Note
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.Note
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.<deleted>
Note
Bitcoin moving as charted, I'm still biased towards a bounce off key support. We have a fractal right now. Note
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.
Related publications
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.
Related publications
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.