BTC - It is NOT over!!??!
Updated
We have a very important level at about $52 500 it is the .618 fib level and an accumulation level. You can also say it is the top part of a rising wedge.
This makes 3 resistance forming a very strong resistance as you can see from the strong rejection when we first touched it. Also, in the RSI there is a channel that is looking a bit weak.
The CCI has a bearish divergence. This supports the idea of there being a double top.
One last thing is the last correction from
42K touch the top of the megaphone to the bottom for a 30% correction for about 19 days.
This correction has only been 10 days so far and 25%.
You must remember that in the last correction we first went down 28% up 33% then down again 27% to touch the bottom of the megaphone and complete a 30% correction.
(scroll back in the chart and see)
Bearish scenario:
If we get rejected from the top of the rising wedge/ $52 500 area there is a good chance we will break down from the wedge.
And some price targets:
Accumulation level: around
46K
Resistance from 2013+2017 to42K high turn support: around 43k to 45k
Last price target based off bottom of megaphone and time of the last correction: 40k (this will also complete a 30% correction)
Bullish scenario:
We are looking for a break past $52 500 and close at least a 4h candle there.
If we do this, we can look for bitcoin to go $55 000+ (upper target 63k to 70k)
Overall:
I have closed some of my longs and I am waiting for some confirmation.
Comment what you think and follow if you liked the idea.
Also look at the related ideas or click it on the chart.
This makes 3 resistance forming a very strong resistance as you can see from the strong rejection when we first touched it. Also, in the RSI there is a channel that is looking a bit weak.
The CCI has a bearish divergence. This supports the idea of there being a double top.
One last thing is the last correction from
42K touch the top of the megaphone to the bottom for a 30% correction for about 19 days.This correction has only been 10 days so far and 25%.
You must remember that in the last correction we first went down 28% up 33% then down again 27% to touch the bottom of the megaphone and complete a 30% correction.
(scroll back in the chart and see)
Bearish scenario:
If we get rejected from the top of the rising wedge/ $52 500 area there is a good chance we will break down from the wedge.
And some price targets:
Accumulation level: around
46KResistance from 2013+2017 to
42K high turn support: around 43k to 45kLast price target based off bottom of megaphone and time of the last correction: 40k (this will also complete a 30% correction)
Bullish scenario:
We are looking for a break past $52 500 and close at least a 4h candle there.
If we do this, we can look for bitcoin to go $55 000+ (upper target 63k to 70k)
Overall:
I have closed some of my longs and I am waiting for some confirmation.
Comment what you think and follow if you liked the idea.
Also look at the related ideas or click it on the chart.
Note
I think one of these is going to happen. If you opened a long at my first target as of right now I think we will go to about $50 000 but watch closely we can still go down. 
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.