Bitcoin TA | Target for 10k or above?
Hi Guys,
I had made the bull call way too early, but i went wrong initially cause i didnt include all data points.
If you see the current behavior of BTC, it is showing the sign of Bull again, but dont fall for it.
It is yet to come out of Bear Trend.
When Bear trend will be over, read below TA.
Here we have two pattern, Bear butterfly pattern and Bull Bat pattern.
If you see carefully, Bull Bat pattern has been point on, and it is reversing the trend to upwards.
Similarly, Bear Butterfly pattern needs to complete its pattern (16k)and do a reverse downward trend and then rise(way too far away). So for pretty long time , we are in Bear trend only.
Having said that, lets try to analyse near future behavior.
Recently BTC has completed BULL BAT pattern, and it has reversed its direction to go UP.
So how far it will go up. if you see the chart, I have marked 32,50,62,78 retrace levels.
But there is heavy resistance between 50 and 62 retrace level i.e.. 9.5k and 10k mark.
10k being psychological mark also, we can expect a downtrend there because of two factors:
1. 10k psychological mark.
2. Heavy resistance because of previous trend
There is it should reverse its path to either 9.3k or 8.6k and then again rise up. Please remember we still in BEAR pattern, none of this is BULL run.
So, for near term : Buy NOW and sell at 9.5k to 10k mark.
Reenter at 9k mark.
This whole thing will continue, untill we reach 16k mark and fall, and then we rise again.
Unless we dont touch 16k, we are not in Bull run.
Now you guys know, why BTC price is going up even when in BEAR Run
If you like the TA, please like share and follow.
For any doubts or querry please comment.
PS: All of the above are my view only, please do your own TA also, cause its ur money.
Remember its Trading Market, if u give ur money for free, people are gonna take it.
Thanks
Krypto Times
I had made the bull call way too early, but i went wrong initially cause i didnt include all data points.
If you see the current behavior of BTC, it is showing the sign of Bull again, but dont fall for it.
It is yet to come out of Bear Trend.
When Bear trend will be over, read below TA.
Here we have two pattern, Bear butterfly pattern and Bull Bat pattern.
If you see carefully, Bull Bat pattern has been point on, and it is reversing the trend to upwards.
Similarly, Bear Butterfly pattern needs to complete its pattern (16k)and do a reverse downward trend and then rise(way too far away). So for pretty long time , we are in Bear trend only.
Having said that, lets try to analyse near future behavior.
Recently BTC has completed BULL BAT pattern, and it has reversed its direction to go UP.
So how far it will go up. if you see the chart, I have marked 32,50,62,78 retrace levels.
But there is heavy resistance between 50 and 62 retrace level i.e.. 9.5k and 10k mark.
10k being psychological mark also, we can expect a downtrend there because of two factors:
1. 10k psychological mark.
2. Heavy resistance because of previous trend
There is it should reverse its path to either 9.3k or 8.6k and then again rise up. Please remember we still in BEAR pattern, none of this is BULL run.
So, for near term : Buy NOW and sell at 9.5k to 10k mark.
Reenter at 9k mark.
This whole thing will continue, untill we reach 16k mark and fall, and then we rise again.
Unless we dont touch 16k, we are not in Bull run.
Now you guys know, why BTC price is going up even when in BEAR Run
If you like the TA, please like share and follow.
For any doubts or querry please comment.
PS: All of the above are my view only, please do your own TA also, cause its ur money.
Remember its Trading Market, if u give ur money for free, people are gonna take it.
Thanks
Krypto Times
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.