Traders, from a technical perspective, I really don't expect Bitcoin to beat 90k immediately. Eventually, yes. But right now there are two big technical reasons why Bitcoin is having a hard time managing to beat 90k. They are the same technical reason for why I called the year end price target of 88k-92k.
First, see that horizontal ascending pink trendline? I took the top of our high on 12 April 2021. I then drew it to the top on 08 Nov. 2021. This is on our weekly chart. I then extended that trendline to the right. Boom 90k.
Second, see that inverse h&s pattern I have been discussing for the last year and a half? I measure from the top of the head to the neckline. Now, I move that measurement to our break of the neckline. Boom 90k.
Now, I am not saying that we won't break 90k. This post is simply to make you aware of how I was able to call our target of 90k and why Bitcoin will have difficulty breaking through that price level.
✌️Stew
First, see that horizontal ascending pink trendline? I took the top of our high on 12 April 2021. I then drew it to the top on 08 Nov. 2021. This is on our weekly chart. I then extended that trendline to the right. Boom 90k.
Second, see that inverse h&s pattern I have been discussing for the last year and a half? I measure from the top of the head to the neckline. Now, I move that measurement to our break of the neckline. Boom 90k.
Now, I am not saying that we won't break 90k. This post is simply to make you aware of how I was able to call our target of 90k and why Bitcoin will have difficulty breaking through that price level.
✌️Stew
Stewdamus Trades -
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Stewdamus Trades -
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us
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.