Bitcoin Rollercoaster: $6000 >> $4000 / $1515 >> $13000 — BTC
Updated
Here is an IDEA (!!!) what the BTC rollercoaster could do in the next few months. Please take it with a grain of salt and do not understand it as an investment advice.
Curious about your reactions. Don't forget to like! =)
1. BTC falls out of the big triangle > $6000
2. People buy at $6000 remembering recent history, jump to bottom of triangle > $7000
3. BTC falls gets rejected:
3a. BTC sees support at 1200 EMA > $4000
3b. BTC gets below 1200 EMA > $1515
4. A lot of buying > $7000
5. Rejection at triangle > $6000
6. Breaking IH&S neckline > $7000
7. Reaching IH&S target at 50% retrace > $13000
*** The information provided here is no recommendation to buy or sell. It's just an idea for educational and discussion purposes. ***
Curious about your reactions. Don't forget to like! =)
1. BTC falls out of the big triangle > $6000
2. People buy at $6000 remembering recent history, jump to bottom of triangle > $7000
3. BTC falls gets rejected:
3a. BTC sees support at 1200 EMA > $4000
3b. BTC gets below 1200 EMA > $1515
4. A lot of buying > $7000
5. Rejection at triangle > $6000
6. Breaking IH&S neckline > $7000
7. Reaching IH&S target at 50% retrace > $13000
*** The information provided here is no recommendation to buy or sell. It's just an idea for educational and discussion purposes. ***
Note
Looks like we formed the bottom of the left shoulder in case the idea has some validity. We didn't reach $6000 but we went down to $6100 at least.Note
Here is another pattern that I was observing some time back. It's a big head & shoulders formation which also targets $4000. After the neckline was crossed we saw a rapid movement down. Given the RSI is currently quite oversold, also on the daily, we may see a movement up before going down again. That would be in favor of the inverse head & shoulders idea.Note
The recent bull flag has a target of $7160. It will be interesting to see what happens at the bottom of the blue triangle. If we break through it, we have probably a bullish scenario that will reach the top of the triangle. If we get rejected, this idea remains valid.Note
It looks like we're consolidating around the neckline of the big head & shoulders formation. Various failed breakout attempts so far.
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.